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Old 01-24-2013, 01:16 PM
 
Location: Australia
4,004 posts, read 5,655,415 times
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This is kind of exciting. According to the experts, we could be talking "Saudi Arabia size" deposits, and we all know how rich the Saudis are!

At the very least this should bring renewed investment to my state which has been struggling a bit for the last few years.

Absolutely fantastic news, largely ignored by Joe Public..here in SA, at least.



Major oil discovery in outback SA - ABC News (Australian Broadcasting Corporation)
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Old 01-24-2013, 01:18 PM
 
Location: The Triad (NC)
31,422 posts, read 70,137,558 times
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Quote:
Originally Posted by MsAnnThrope View Post
According to the experts, we could be talking "Saudi Arabia size" deposits

It's shale oil. Beware.
Hydraulic fracturing - Wikipedia, the free encyclopedia
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Old 01-24-2013, 01:23 PM
 
Location: Out in the Badlands
10,422 posts, read 9,483,586 times
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Quote:
Originally Posted by MsAnnThrope View Post
This is kind of exciting. According to the experts, we could be talking "Saudi Arabia size" deposits, and we all know how rich the Saudis are!

At the very least this should bring renewed investment to my state which has been struggling a bit for the last few years.

Absolutely fantastic news, largely ignored by Joe Public..here in SA, at least.



Major oil discovery in outback SA - ABC News (Australian Broadcasting Corporation)
Get ready...turn in your camels for RR, Ferrari, Lamborghini etc.
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Old 01-24-2013, 01:47 PM
 
1,344 posts, read 2,874,152 times
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MsAnnThrope - Congrats to SA for getting this find!!!

Quote:
Originally Posted by MrRational View Post
It's shale oil. Beware.
Each should make up their own mind on the subject, using A LOT more references then Wiki.
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Old 01-24-2013, 05:24 PM
 
24,497 posts, read 37,592,015 times
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Does Australia have the technology and expertise to extract that oil?
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Old 01-24-2013, 06:23 PM
 
Location: Brisbane
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Originally Posted by NJBest View Post
Does Australia have the technology and expertise to extract that oil?
The extraction equipment is purchased from companies in the USA, and i dare say there would be a number of US engineers working on the project as well.

Still Australia is not one of the world biggest and most efficeint miners for nothing, they will manage im sure.

Its a bit overly hyped in my opinion, It would be nice to have that much shale oil available in South Australia, there its a however a huge gap between finding a resource, and acutally getting it out of the ground and to the market.

The people of South Australia already know that when BHP pulled the plug on what was going to be the worlds biggest open cut mine last year.
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Old 01-25-2013, 07:08 PM
 
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like US it wil take perhaps a copuple of deacdes to get any large amounts to market as it takles huge infrastructure besides just gettig it out of ground.The US had been at this for sonme time and is still at ealst ten eyars from maximum production. But this recovery and antural gas will be the biggest economic and geopolitcal chnange of our time if the experts are right in Devos meeting going on how.
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Old 01-25-2013, 09:15 PM
 
Location: Australia
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Originally Posted by NJBest View Post
Does Australia have the technology and expertise to extract that oil?
No, but if we hurry we can get the 'lectricity up there by 2040.

You know that one of Australia's largest industries is mining, right? That we provide most of the world's diamonds these days? Let alone rubies, sapphires, gold, copper, uranium...I could go on.

In fact one of my ancestors is well known as a pioneer of large scale mining in Australia, overseeing the establishment of mines in Roxby Downs, Broken Hill and Mt Isa...and he's been dead 50 years now.
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Old 01-25-2013, 10:24 PM
 
Location: Delray Beach
1,135 posts, read 1,557,895 times
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One of the fundamentals that is often lost when difficult-to-extract deposits are found is the need for the price of oil to exceed the cost of extraction. Otherwise the resource is non-monetizable as it is economically impractical to deliver to market.
We will NEVER run out of oil; we WILL eventually run out of usable oil when it costs a barrel of oil to produce a barrel of oil; and we have ALREADY run out of cheap oil.
Don't celebrate just yet.
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Old 01-28-2013, 04:11 PM
 
24,497 posts, read 37,592,015 times
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Quote:
Originally Posted by MsAnnThrope View Post
No, but if we hurry we can get the 'lectricity up there by 2040.

You know that one of Australia's largest industries is mining, right? That we provide most of the world's diamonds these days? Let alone rubies, sapphires, gold, copper, uranium...I could go on.

In fact one of my ancestors is well known as a pioneer of large scale mining in Australia, overseeing the establishment of mines in Roxby Downs, Broken Hill and Mt Isa...and he's been dead 50 years now.
Hydraulic fracturing techniques aren't like element mining techniques. There is a significant environmental impact of fracking. The latest technologies mitigate pollution while maximizing output. I believe there is very limited use of the latest techniques in fracking around the world. Primarily be the U.S.
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