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Shale oil worth "trillions" discovered in Australia

GasBuddy Blog -- Look what they've found 'down under'!

The Telegraph is reporting that up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia.

The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil.

The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region’s rocks.

It is also possible however that just 3.5 billion...

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Submitted Jan 31, 2013 By: PD

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moose21040 Rookie Author Baltimore Posts:85 Points:116,485 Joined:Jan 2011	Message Posted: Feb 9, 2013 7:40:43 PM Ignore moose21040 Report Abuse hopefully it will lower the US gas prices
phpearso Sophomore Author Indiana Posts:109 Points:137,920 Joined:Mar 2004	Message Posted: Feb 9, 2013 1:50:07 AM Ignore phpearso Report Abuse Anyone think it will help us get cheaper gasoline?
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Feb 4, 2013 4:59:12 AM Ignore honda0105 Report Abuse doubtful that the Aborigines will see anything of that wealth. Just like in the US...
TheBigJukebox Rookie Author Anchorage Posts:4 Points:205 Joined:Feb 2013	Message Posted: Feb 4, 2013 4:43:09 AM Ignore TheBigJukebox Report Abuse Its to bad that the companies that hire for the jobs that these finds create only hire a few type of people because there are a lot of job seekers that would like to be hired that probably wont qualify.
poppa09 Rookie Author Cleveland Posts:50 Points:513,675 Joined:May 2009	Message Posted: Feb 3, 2013 8:56:02 PM Ignore poppa09 Report Abuse That's a lot of black gold either way you see it.
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Feb 3, 2013 7:11:17 AM Ignore honda0105 Report Abuse if the Aussies are smart, they look first, then drill. But, in today's world, money is more important.
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Feb 3, 2013 7:10:13 AM Ignore honda0105 Report Abuse Watch and learn from the side effects that has (as evidenced in the US)...
nb52 Champion Author Grand Rapids Posts:7,790 Points:1,548,800 Joined:Nov 2008	Message Posted: Feb 2, 2013 8:15:20 PM Ignore nb52 Report Abuse Good for Australia!
dcoxdcox44 All-Star Author New Hampshire Posts:647 Points:203,685 Joined:Aug 2011	Message Posted: Feb 2, 2013 9:23:36 AM Ignore dcoxdcox44 Report Abuse 20 points!
unemployed58 Veteran Author Montreal Posts:250 Points:64,145 Joined:Oct 2012	Message Posted: Feb 1, 2013 10:25:58 PM Ignore unemployed58 Report Abuse $$$$$$$$$$$$$$$$$$$$$$$
msf1527 All-Star Author San Bernardino Posts:561 Points:135,320 Joined:Nov 2012	Message Posted: Feb 1, 2013 9:49:41 PM Ignore msf1527 Report Abuse Start drilling...
Marson Champion Author Scranton Posts:8,957 Points:2,080,110 Joined:Oct 2006	Message Posted: Feb 1, 2013 9:40:58 PM Ignore Marson Report Abuse OK.
dlemma Champion Author Wyoming Posts:4,116 Points:1,557,845 Joined:Feb 2008	Message Posted: Feb 1, 2013 7:51:04 PM Ignore dlemma Report Abuse go get it!
jesanfo Sophomore Author Oklahoma Posts:243 Points:170,675 Joined:Feb 2010	Message Posted: Feb 1, 2013 2:03:33 PM Ignore jesanfo Report Abuse It's important to remember that these are estimates and of course as the article states "it is not yet known how commercially viable it will be to access the oil".
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Feb 1, 2013 11:47:41 AM Ignore CPGas1815 Report Abuse I am still skeptical about the so called shale boom. Polluting our planet by the global polluters could end life as we now know it.
Costello Champion Author South Dakota Posts:1,421 Points:1,156,390 Joined:Jan 2007	Message Posted: Feb 1, 2013 11:37:38 AM Ignore Costello Report Abuse Good for the Aussies!!!
CapriceWagon All-Star Author Washington Posts:949 Points:481,020 Joined:Feb 2008	Message Posted: Feb 1, 2013 11:28:57 AM Ignore CapriceWagon Report Abuse I've read this more than once
ILANGE9 Champion Author Illinois Posts:7,625 Points:1,599,150 Joined:Sep 2008	Message Posted: Feb 1, 2013 11:27:14 AM Ignore ILANGE9 Report Abuse Repeat
LuckyD43 Champion Author Long Island Posts:32,050 Points:2,170,020 Joined:Apr 2005	Message Posted: Feb 1, 2013 11:16:55 AM Ignore LuckyD43 Report Abuse Read this and commented yesterday.
aalix Champion Author Orange County Posts:23,193 Points:4,124,320 Joined:Aug 2001	Message Posted: Feb 1, 2013 11:15:17 AM Ignore aalix Report Abuse So what's going to the land if you extract the shale oil?
Lilybird1212 Veteran Author Idaho Posts:397 Points:69,140 Joined:Oct 2012	Message Posted: Feb 1, 2013 11:13:16 AM Ignore Lilybird1212 Report Abuse Australians - don't let them destroy your land.
ace12012 Champion Author Phoenix Posts:1,675 Points:325,885 Joined:Apr 2012	Message Posted: Feb 1, 2013 11:09:33 AM Ignore ace12012 Report Abuse read it before.
rippertoo Champion Author Tacoma Posts:5,765 Points:1,143,785 Joined:Jan 2010	Message Posted: Feb 1, 2013 11:07:58 AM Ignore rippertoo Report Abuse One more time.
bluebird1 Champion Author Toronto Posts:15,745 Points:3,110,075 Joined:May 2004	Message Posted: Feb 1, 2013 11:07:49 AM Ignore bluebird1 Report Abuse Slightly recycled news ...so where do we stand on 'Peak Oil' now????
Bud122CA Champion Author California Posts:7,481 Points:1,608,025 Joined:Jul 2008	Message Posted: Feb 1, 2013 11:07:38 AM Ignore Bud122CA Report Abuse Good for Australia and I'm sure there is a lot more to yet be discovered.
firechief Champion Author New York Posts:3,456 Points:2,068,325 Joined:Mar 2004	Message Posted: Feb 1, 2013 11:06:24 AM Ignore firechief Report Abuse yesterdays story, good for them
filcut Champion Author Anchorage Posts:1,174 Points:1,356,785 Joined:Jun 2005	Message Posted: Feb 1, 2013 11:06:17 AM Ignore filcut Report Abuse Where is Lucy Lawless when they need her?
nehemiah Champion Author Portland Posts:4,771 Points:932,565 Joined:Jul 2007	Message Posted: Feb 1, 2013 11:05:00 AM Ignore nehemiah Report Abuse but the prices keeps going up
JaegerWMeister All-Star Author Twin Cities Posts:810 Points:340,715 Joined:Mar 2012	Message Posted: Feb 1, 2013 11:03:28 AM Ignore JaegerWMeister Report Abuse Old
SoutheastdannyB All-Star Author Grand Rapids Posts:590 Points:581,880 Joined:Jul 2007	Message Posted: Feb 1, 2013 11:01:45 AM Ignore SoutheastdannyB Report Abuse wow, "trillions".
Taurus1 Champion Author Ohio Posts:3,140 Points:1,676,425 Joined:Apr 2006	Message Posted: Feb 1, 2013 11:01:41 AM Ignore Taurus1 Report Abuse Will Australia sink after they suck out all the shale oil?
ntass1 Champion Author Edmonton Posts:3,805 Points:729,975 Joined:May 2011	Message Posted: Feb 1, 2013 10:58:06 AM Ignore ntass1 Report Abuse tap it. sure it will years before they the build refiners and pipelines to transport it.and pass environmental and safety regulations in place.
jnseyeongas All-Star Author Milwaukee Posts:760 Points:595,885 Joined:Feb 2011	Message Posted: Feb 1, 2013 10:57:11 AM Ignore jnseyeongas Report Abuse Go for it
Jeepergeo Champion Author San Bernardino Posts:1,380 Points:588,430 Joined:Jan 2011	Message Posted: Feb 1, 2013 10:52:39 AM Ignore Jeepergeo Report Abuse Tap it.
NanookAK Champion Author Anchorage Posts:7,265 Points:1,442,965 Joined:Nov 2007	Message Posted: Feb 1, 2013 10:52:26 AM Ignore NanookAK Report Abuse Old news.
sdiddydaddy Champion Author Grand Rapids Posts:1,101 Points:397,895 Joined:Jan 2012	Message Posted: Feb 1, 2013 10:52:19 AM Ignore sdiddydaddy Report Abuse Good for Australia and the rest of the world.
justbill647 All-Star Author Baton Rouge Posts:628 Points:191,405 Joined:Jun 2012	Message Posted: Feb 1, 2013 10:52:18 AM Ignore justbill647 Report Abuse We're running out of space to store crude and the price for oil and gas keeps going up.
fedupMN Champion Author Twin Cities Posts:2,964 Points:575,405 Joined:Mar 2011	Message Posted: Feb 1, 2013 10:52:10 AM Ignore fedupMN Report Abuse Seems to me they have not "found" anything, it is just based on some consultants report. They still have to get it out of the ground.
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:769,590 Joined:Mar 2008	Message Posted: Feb 1, 2013 10:49:28 AM Ignore CheckitoutGuy Report Abuse Nice!
Wierbe Champion Author Cincinnati Posts:3,762 Points:1,121,065 Joined:Apr 2006	Message Posted: Feb 1, 2013 10:49:22 AM Ignore Wierbe Report Abuse A long way to ship, but may be worth it.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: Feb 1, 2013 10:43:44 AM Ignore eaglev Report Abuse We do have a good aliance with Austraila, maybe we can quit going thru the middle east.
tomklo Champion Author Fort Worth Posts:2,447 Points:2,596,245 Joined:Jul 2002	Message Posted: Feb 1, 2013 10:43:23 AM Ignore tomklo Report Abuse good
Black Wagon Champion Author Illinois Posts:7,322 Points:1,804,720 Joined:Mar 2004	Message Posted: Feb 1, 2013 10:42:42 AM Ignore Black Wagon Report Abuse That will probably create some jobs too.
ItisAJeepThing Champion Author Tucson Posts:19,765 Points:2,153,530 Joined:Oct 2006	Message Posted: Feb 1, 2013 10:42:20 AM Ignore ItisAJeepThing Report Abuse Good for the Aussies and good for meeting the increasing energy demands of the whole world.
AriesMMD Champion Author Sacramento Posts:1,496 Points:413,940 Joined:Dec 2011	Message Posted: Feb 1, 2013 10:40:08 AM Ignore AriesMMD Report Abuse Prices at the pump won't go down. It costs more to extract the deep shale deposits.
GGAlbo Champion Author Detroit Posts:2,248 Points:1,887,175 Joined:Sep 2006	Message Posted: Feb 1, 2013 10:38:05 AM Ignore GGAlbo Report Abuse Where are the Speculators, what all this new oil all over the World, The price of oil should hit $90 a barrel within the next ten years!!!
gabbygusIN Champion Author Indiana Posts:7,246 Points:1,561,825 Joined:Oct 2008	Message Posted: Feb 1, 2013 10:37:54 AM Ignore gabbygusIN Report Abuse Good for them
CptnCanada Champion Author Saskatoon Posts:7,012 Points:915,300 Joined:Jun 2008	Message Posted: Feb 1, 2013 10:37:28 AM Ignore CptnCanada Report Abuse Not a living thing within a thousand miles of there and I bet the greens will still try and stop it
RichFWA Champion Author Tacoma Posts:1,185 Points:291,795 Joined:Mar 2011	Message Posted: Feb 1, 2013 10:37:13 AM Ignore RichFWA Report Abuse Drill and get it on the market.
REVLAW Champion Author San Antonio Posts:10,445 Points:2,009,195 Joined:Jul 2007	Message Posted: Feb 1, 2013 10:36:30 AM Ignore REVLAW Report Abuse But this discovery will not dampen the greed of the profiteers.