$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'

[KS]

$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia' | News.com.au

SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.

This has the potential to turn Australia from an oil importer to an oil exporter.

"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Mr Bond said.

State Mineral Resources Development Minister Tom Koutsantonis said there were exciting times ahead for SA's resources industry.

Time to bring some 'democracy' to Australia, America style..

 

[Icewolf]

$20 trillion??

Unbelievable

Give it back to the indigenous of Australia!!

 

[xdrive]

Time to bring some 'democracy' to Australia, America style..

Luckily, Australia is a democracy and we have a bigger and better democracy than America.

Give it back to the indigenous of Australia!!

Indigenous Australians are Australians, so they will be benefiting like the rest of the population.

 

[KS]

Luckily, Australia is a democracy and we have a bigger and better democracy than America.

Hey tell that to the marines..

Usually their 'seal of approval' is required to certify a democracy is a true democracy especially when the country in question contains oil

 

[phylumchordata]

time to bring communism to Australia China style , btw the ultimate future of Australia is to be a Chinese colony . never mind

 

[Nan Yang]

China had an estimated 354 billion barrels of shale oil resources as of 2008, the World Energy Council said. However, China produced only about 7.6 million barrels of shale oil in 2008, it said.

Source
China NDRC Approves CNPC-Foreign JV Shale Oil Project in Xinjiang - WSJ.com