Massive Oil Discovery Challenges Saudi Reserves -- Tempco
TEMPO.CO, Jakarta - An intelligence brief said that a small Australian town called Coober Pedy has A$ 20 trillion worth of shale oil--the biggest find in 50 years, the Money Morning TV reported. The oil deposit is estimated to be six times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.
The recently discovered Arckaringa Basin, located just outside the sleepy Australian town, contains more oil more than in all of in Iran, Iraq, Canada, or Venezuela. With current estimates at 233 billion barrels, its just 30 billion shy of the estimated reserves in all of Saudi Arabia.
According to one renowned international expert, this massive discovery could eventually dwarf the oil rich kingdom as the original estimates are revised.
Read more ....
Update: Oil find 'can fuel Australia' -- Weekly Times Now
My Comment: This sounds exciting .... unfortunately .... it will take years before fruition .... and even then it can fail. But if successful the implications are huge .... especially on energy markets and it's impact on OPEC nations like Iran, Iraq, and Saudi Arabia.
1 comment:
Just one more reason for
the Red Chinese to cast
covetous eyes on the land
of Oz
ofs
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