Lambethlad Posted January 23, 2013 Share Posted January 23, 2013 http://www.news.com.au/business/companies/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-fnda1bsz-1226560401043 Good news for Oz. Oil reserves valued at $20 trillion have been found in South Australia. Link to comment Share on other sites More sharing options...
JJJB Posted January 23, 2013 Share Posted January 23, 2013 Great discovery, if the reports are right Australia will become self sufficient for oil. Let's hope the initial findings are good and it also brings lots of employment opportunities with it. http://www.heraldsun.com.au/news/national/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-fndo471r-1226560401043 Link to comment Share on other sites More sharing options...
northshorepom Posted January 23, 2013 Share Posted January 23, 2013 It's good news but I would be wary of some of the claims being made for Shale Oil. The US in particular is so desperate to believe they can be energy independent from the Islamic world that people are inclined to be severely overoptimistic as to the size of tappable reserves, and the difficulty/cost of accessing them. Talk of the US becoming energy self-sufficient any time in the near future (if ever), for example, is way off the mark Note the term "Shale Oil" can be used confusingly to describe different types of deposits - oil that exists as liquid crude, trapped in layers of shale (these are the ones that can more easily be developed with advances in fracking tech) and oil that exists within the rock itself, which requires a lot more processing. No idea what this potential deposit is It's worth noting that there is a lot more oil around in the world than Joe Blow generally thinks. We were brought up in the 1970s being told that "oil would run out" in the short term, like by 2000. It was total BS. There are shedloads of known oil reserves in many, many places, it's all a question of the cost and difficulty of developing and extracting them. World oil production has, of course, been on an ever-increasing curve but so has the demand for it. The real issue/effects will occur not when the oil runs out or is running out, but when the reserves can no longer be developed quickly enough to satisfy that ever-increasing demand and world deliverable supply starts dipping Link to comment Share on other sites More sharing options...
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