Quote:

 

Trillions of dollars worth of oil found in Australian outback

Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia.


An old opal mining truck marks the entrance to the opal mining town of Coober Pedy situated close to Arckaringa Basin

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.

Peter Bond, Linc Energy’s chief executive, said the find could transform the world’s oil industry but noted that it would cost about £200 million to enable production in the area.

Shale oil is more costly to extract than conventional crude oil and involves the controversial process of hydraulic fracturing, commonly known as fracking.

This involves introducing cracks in rock formations by forcing through a mixture of water, sand at chemicals at high pressure.

“If you took the 233 billion, well, you’re talking Saudi Arabia numbers,” Mr Bond told ABC News.

“It is massive, it is just huge If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it’s one of the key prospective territories in the world at the moment.

"If you stress test it right down and you only took the very sweetest spots in the absolute known areas and you do nothing else, it is about 3.5 billion [barrels] and that’s sort of worse-case scenario.”

Australia is currently believed to have reserves of about 3.9 billion barrels of crude oil - about 0.2 per cent of the world’s total - and produces about 180 million barrels a year.

The latest find, at the lowest estimate, would make Australia a net oil exporter; at the higher estimate, Australia would become one of the world’s biggest oil exporters.

Tom Koutsantonis, South Australia’s mining minister, said the reserves were deep and remote and it was too early to confirm whether they can be profitably tapped.

“All these things are luck and risk,” he said.

“What we’re seeing up there is a very, very big deposit If the reserves and the pressure was right over millions of years and the rocks have done the things they think they’ve done, they think they can extract vast reserves of oil out of South Australia which would have a value of about $AUS20 trillion. (£13 trillion)”

The consultants reports, based on drilling and geological and seismic surveys, did not indicate how easily the oil can be tapped or profitably produced.

John Young, a resources analyst at investment group Wilson HTM, said the reserves were “massive” but the actual volumes that may emerge remained uncertain.

“The numbers are going to be very large, but we really need to move from that [to] the quality of the resource - how good is it, how economic will it be, and that’s going to take a significant amount of exploration and appraisal work before the industry’s in a position to determine that,” he said.

South Australia recently had a setback when BHP Billiton announced it was shelving a £20 billion plan to build the world’s biggest open-cut mine at Olympic Dam, which has the biggest known uranium deposit and the fourth biggest copper and gold deposits.

As Mr Koutsantonis, the state’s mining minister, said of the latest find: “Whether it’s economic to recover or not is still the question South Australia is blessed with abundant resources but there are a few setbacks and those setbacks are that they’re remote and they’re deep.”


http://www.telegraph.co.uk/news/worldnews/australiaandthepacific/australia/9822955/Trillions-of-dollars-worth-of-oil-found-in-Australian-outback.html

Quote:

 

" Kurdistan's natural gas resources may become a game-changer over the longer term

If a firm manages to create a dominant position in the South Kurdistan of i-rack (KRG) oil business this could, in the long term, open a door to the gas business, as it did in the Caspian zones in the 1990s, when the Baku-Tbilisi-Ceyhan oil pipeline prepared the ground for the South Caspian gas pipeline and TANAP, the Trans-Anatolian gas pipeline. A similar future may be possible for the KRG and the firms working within it. The KRG’s proven gas reserves are estimated at 2.8-5.7 trillion cubic meters. That is about four times more than Azerbaijan's reserves. In the perspective of the southern energy corridor projects, KRG’s natural gas sources may become a game-changer over the longer term. "


http://www.europeanenergyreview.eu/site/pagina.php?id=4082

Ww2boy

 

Read carefully people. The title is misleading. There might be 233 billion barrels, but only +/- 3.5 billion is able to be recover

Azamat

18th July 2013 - 01:09 AM

Ww2boy

 

Read carefully people. The title is misleading. There might be 233 billion barrels, but only +/- 3.5 billion is able to be recover

What is more probable is that the oil is very much able to be recovered, only that it's not considered economical.

ALAN

10th August 2013 - 01:56 PM

I edited post# 4 it's in billions not millions.

wwb2 the 45 Billion barrels is SK is only KRG with kurdish areas outside of KR administration it will be 45-100 billion barrels.

ALAN

10th August 2013 - 01:56 PM

I edited post# 4 it's in billions not millions.

wwb2 the 45 Billion barrels is SK is only KRG with kurdish areas outside of KR administration it will be 45-100 billion barrels.

Kaway Asngar

10th August 2013 - 07:54 PM

ALAN

10th August 2013 - 01:56 PM

I edited post# 4 it's in billions not millions.

wwb2 the 45 Billion barrels is SK is only KRG with kurdish areas outside of KR administration it will be 45-100 billion barrels.

Yes, exactly. I believe Kerkûk's largest oil field (Baba Gurgur) has like 10 billion barrels, and other areas possibly another 10 billion = 65 billion barrels + it will take many years till all KRG's oil is discovered, so KRG has probably, a realistic estimate, around 90 billion barrels of oil + they are the 10th largest when it comes to gas reserves and don't forget about the silver, gold, iron and other natural resources, large tourism potential and it is centrally located, so a good ''port'' for export and import from other countries.

SK will become the richest country in entire Middle-East. Well maybe, not like Qatar, but those are shizz countries with no life anyway. All they have is desert, quality of life in SK will, hopefully, be the highest in entire world :D.

the SUN child

11th August 2013 - 12:17 PM

Kaway Asngar

10th August 2013 - 07:54 PM

Quoting limited to 2 levels deep

I'm very curious how much oil Great Kurdistan does have!

Dewran

11th August 2013 - 06:54 PM

North Kurdistan has the basins of the Euphrates and Tigris. Isn't that going to be more important than oil in the future?

Kaway Asngar

11th August 2013 - 05:32 PM

the SUN child

11th August 2013 - 12:17 PM

Quoting limited to 2 levels deep

Most oil is in SK, but East-Kurdistan has large reserves as well, I believe most of the reserves are in the South-West of East-Kurdistan.
North-Kurdistan has almost no oil (entire Turkey has almost no oil), but West-Kurdistan has the most oil of entire Syria. I'll do some research

Dewran

11th August 2013 - 06:54 PM

North Kurdistan has the basins of the Euphrates and Tigris. Isn't that going to be more important than oil in the future?

Şirnex

12th August 2013 - 03:04 AM

Dewran

11th August 2013 - 06:54 PM

North Kurdistan has the basins of the Euphrates and Tigris. Isn't that going to be more important than oil in the future?

in the future, water will be the reason for many wars.

Gundî Uçar

23rd September 2013 - 02:38 AM

Şirnex

12th August 2013 - 03:04 AM

Quoting limited to 2 levels deep

then we need nukes..
coz all the arab and turks and surrounding countries will target those rivers

Simko

12th August 2013 - 12:28 AM

What is more important is that we have alot of key minerals such as iron around Wan. However the turks are extracting it for their own use.

Gundî Uçar

23rd September 2013 - 02:38 AM

Şirnex

12th August 2013 - 03:04 AM

Quoting limited to 2 levels deep

then we need nukes..

Şirnex

23rd September 2013 - 09:15 PM

Gundî Uçar

23rd September 2013 - 02:38 AM

Quoting limited to 2 levels deep