With the direction radical environmentalism is taking the Western world, if not mothballed, any prospective oil is more likely to go to China than to domestic markets that would normally relieve internal economic constraints.
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.
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.
Full article: Trillions of dollars worth of oil found in Australian outback (The Telegraph)