Good news in Australia
I really need to visit there sometime -- hearing nothing but good stuff.
From the UK
Telegraph:
Trillions of dollars worth of oil found in Australian outback
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 likely however that just 3.5 billion barrels, worth almost $359 billion (�227 billion) at today�s oil price, will be able to be recovered.
The find was likened to the Bakken and Eagle Ford shale oil projects in the US, which have resulted in massive outflows and have led to predictions that the US could overtake Saudi Arabia as the world�s largest oil producer as soon as this year.
Peak oil? Suck on this for a while...
Posted by DaveH at January 24, 2013 12:32 PM