$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
South Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.
Must be a hell of a lot more out there somewhere as well. http://www.heraldsun.com.au/news/nat...-1226560401043 |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by Zen10
(Post 10501663)
South Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by GarryP
(Post 10501672)
Do you want me to burst bubbles?
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by Zen10
(Post 10501674)
I know the ups and downs of shale, but I value your opinion, as I have said. Tell you what though - I wouldn't mind you bursting the real estate bubble...
As for your second point, I refer the honourable gentleman to the answer I gave earlier. |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
I thought the problem with shale oil was the cost of conversion, and that it was accepted that sooner or later the price of oil would make shale oil extraction economic.
Am i wrong? |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by slapphead_otool
(Post 10501709)
I thought the problem with shale oil was the cost of conversion, and that it was accepted that sooner or later the price of oil would make shale oil extraction economic.
Am i wrong? |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by slapphead_otool
(Post 10501709)
I thought the problem with shale oil was the cost of conversion, and that it was accepted that sooner or later the price of oil would make shale oil extraction economic.
Am i wrong? Tight Oil (which is what they are talking about when they mention fracking) is when the rock isn't permeable, so the oil gets stuck where its created. As you can imagine, there are wide areas of the world with such circumstances. People have known since the 1960s how to use explosions and high pressure liquid to break apart such areas of rock underground, allowing some oil to flow out. But its expensive since you are having to do the job nature does for you on conventional fields, and because it doesn't take long for the flow to stop (because the rock isn't permeable, natch). Not all tight oil fields are equal. Fairly obviously there are areas where lots of oil was created and trapped, and areas where little was. So just saying there is oil means **** all. For the high quality fields, the current price is *just* about enough to make money off drill the prospects. You can be fairly certain of getting something, but it can be touch and go if the density of oil means you will get out more money that you put in. These wells tend to die in 1-2 years. So, as the price goes up you can move down the quality spectrum - but doing so means less oil from each well, so you need more wells drilled, more often, to keep up a flow rate (its a red queen race). This PR release says basically *** all and is there to reap money from gullible fools in Oz/China with dollar signs in their eyes. Actually the best prospects in Oz are thought to be in QLD. |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by Zen10
(Post 10501716)
I read somewhere that for every 100 tons of shale you get 3 tons of oil, which has got to be pretty pricey, but then if that's the only source of oil one day...
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by GarryP
(Post 10501764)
Different type of 'shale' oil - more the Alberta type. They use the term to apply to at least three different types of field - as I said, real estate level of lying.
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by Zen10
(Post 10501829)
Made Linc shares jump though:D Australia remains in a relatively strong position here though because as far as I know it is still one of the few OECD that net exports hydrocarbons. Crude oil is the problem. The bulk of it is off WA, Vic and NT but it's running out fast. Bottom line is humans use too much oil because the economic system demands constant growth or there will be collapse.
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by GarryP
(Post 10501865)
Nope, Australia imports half its oil demand. Its never really been a net oil exporter. Obviously much better off on gas and coal, where it does export.
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Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by Zen10
(Post 10501896)
Oil yes, but net exporter of hydrocarbons overall.
If I get free time this weekend I will run through the numbers. |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by slapphead_otool
(Post 10501903)
It would be an interesting exercise to convert each nations imports and exports into a common energy value and convert them.
If I get free time this weekend I will run through the numbers. |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by slapphead_otool
(Post 10501903)
It would be an interesting exercise to convert each nations imports and exports into a common energy value and compare them.
If I get free time this weekend I will run through the numbers. They don't have an 'all' option yet, but they do produce figures in Mtoe, so you can manually do it, and I think the BP numbers that this is based on include a total. Edit, actually, just go to the 'All fuels' tab |
Re: $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Originally Posted by GarryP
(Post 10501919)
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