20 Trillion dollar oil well in australia?

news.co m.au

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.

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

"If the Arckaringa (basin) 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."

This has the potential to turn Australia from an oil importer to an oil exporter.

There is also a PDF available here: asx.com.au

So i was browsing the news and i Stumbled across this. It's late, so I'm still trying to compute just how big this could be. I know there is a mineral boom down under at the moment, but this could be even bigger than that.

There are so many things to consider. Jobs, the environment, etc. But what's at the top of my mind is foreign relations. 100 billion plus barrels of oil is a lot, and as we all know TPTB will follow the oil.

But who gets it? It could and should be used to fuel our own needs, but as the Aussie government has proven in the past, it's not adverse to making a quick buck. And right now we're in a diplomatic tug of war between China and the U.S, so this could possibly put more strain on those relations.

It's a bit early to fathom just what effects will be (if these reports are accurate) but i can already feel the heat from TPTB rubbing their hands together with glee.

Thoughts ATS?

I swear that 10 years from now the battery technology in cars is going to be so good that you will be able to drive 1000 Km's on one 10 minute or less recharge.

And whilst i'd love Australia to have an extra $20 Trillion up our sleeves, I just think our government works to corporations... I have no hope.

Remember years ago we sold Japan 1 cent per litre of Natural Gas for a contract period of 30 years?

WE have a lot of potential oil and gas sites in this country. Most of it gets exported at super cheap prices whilst we import the stuff we use in our cars at outrageous prices and pay through the nose at the pump.

To be honest. I'd rather keep all those billion of barrels underground, and not up in the air. I'd rather us rely on new battery tech and recharge from the grid. If anything make the oil be kept for future plastic production.

reply to post by Thecakeisalie


*Looks over my shoulder*...

Have the Chinese started to build ghost cities in Australia yet?



Kindest respects

Rodinus

I think we should use this for ourselves... of course the company bringing it up will probably find someone willing to pay a higher price.

20 trillion on an oil rig?
Wow, I wonder what kinda of sustainable energy plant that could have bought? Who cares, we may as well suck this planet dry, put our selves further into debt, then even bother to try and find a better route..

$$$$$$ Need a Loan America? $$$$$$

Originally posted by DaRAGE
I swear that 10 years from now the battery technology in cars is going to be so good that you will be able to drive 1000 Km's on one 10 minute or less recharge.

I know you probably made that comment in jest, but lets look at those specifications technically.

An electric car usually uses up to 400WH per km.
A battery that can run up to 1000km could probably store 400KWH of energy.
To charge a 400KWH battery in 10 minutes would take an electrical flow of 2400KW
Or 2.4MW.
2.4MW at 480V 3phase would be about 2900 Amps.
You got any idea how big a three wire 3000 Amp charging pig tail would be?
Or how big the charging connecter would be?

Let me just say this, you better have some help to hook the car up, when you go to the fill up station.

reply to post by DaRAGE


two stars for this fantasy, shameful.

are you aware of the magnitude of improvement would be needed to do that? if you want us to bet the farm on this err, 'projection' then i'd love to see you chipping in, because i wouldn't want to be the sucker who has to hike when it doesn't materialise.

Great!!!!!!!!!!!!!

How long till the US says the Julia is a tyrannical dictator and invades?
Maybe its not a bad trade, $20 trillion in oil to be rid of her for good

Looks like Australia is the place to be then....Well this Country (The UK) is on it's last legs......Right, were do i sign up Cobba....

the news is not new, i worked for drillcon 30yrs ago and we have a 100+ oil and gas wells already capped in our outback,but the pompas basta$^ds,that govn the wells wont open them up because we have to pay top dollar for fuel ,,,we could be like saudi arabia with 35c per ltr fuel,mmmmmmmmmmmmmmmmmmmmmmmmm imagine

reply to post by Soloprotocol


australia will be just like uk within 5yrs..mate we are uk owned ..that suks...a republic austrailia yes,,,we need it...

Originally posted by DaRAGE
I swear that 10 years from now the battery technology in cars is going to be so good that you will be able to drive 1000 Km's on one 10 minute or less recharge.

And whilst i'd love Australia to have an extra $20 Trillion up our sleeves, I just think our government works to corporations... I have no hope.

Remember years ago we sold Japan 1 cent per litre of Natural Gas for a contract period of 30 years?

WE have a lot of potential oil and gas sites in this country. Most of it gets exported at super cheap prices whilst we import the stuff we use in our cars at outrageous prices and pay through the nose at the pump.

To be honest. I'd rather keep all those billion of barrels underground, and not up in the air. I'd rather us rely on new battery tech and recharge from the grid. If anything make the oil be kept for future plastic production.

edit on 23-1-2013 by DaRAGE because: (no reason given)

How do ya plan on powering the grid?

Oh man, here in Adelaide we just spent $1billion converting a disused oil refinery into a water desalination plant that has since been mothballed.
So I guess we'll spend another billion converting it back again.
Oh well at least the Victorians cant steal this one from us.

reply to post by Mr Tranny

Originally posted by Mr Tranny
I know you probably made that comment in jest, but lets look at those specifications technically.

An electric car usually uses up to 400WH per km.
A battery that can run up to 1000km could probably store 400KWH of energy.
To charge a 400KWH battery in 10 minutes would take an electrical flow of 2400KW
Or 2.4MW.
2.4MW at 480V 3phase would be about 2900 Amps.
You got any idea how big a three wire 3000 Amp charging pig tail would be?
Or how big the charging connecter would be?

Let me just say this, you better have some help to hook the car up, when you go to the fill up station.

reply to post by Long Lance

Originally posted by Long Lance
two stars for this fantasy, shameful.

are you aware of the magnitude of improvement would be needed to do that? if you want us to bet the farm on this err, 'projection' then i'd love to see you chipping in, because i wouldn't want to be the sucker who has to hike when it doesn't materialise.

Ok both of you.

Let me show you some currently being researched and developed battery and recharging technologies.

Now you might read that they are 5 years to a decade away. Well I did indeed say 10 years time in my post.

The title of this piece from Popular Mechanics is "8 Potential EV and Hybrid Battery Breakthroughs
Why wild new battery technology could soon mean EVs with a 500 mile range."

Now 500 miles = 804.67200 kilometres

Popular Mechanics

Carbon Nanotube Electrode Lithium Massachusetts Institute of Technology Using layers of carbon nanotubes—strong microscopic hollow threads with relatively large area—scientists at the Massachusetts Institute of Technology (MIT) are developing a cathode (the electrode through which electrons flow out of a battery) that can store and release many more positive ions than a conventional lithium battery. The idea is that this new cathode could increase the amount of power stored in an electric car battery and increase the electricity flow by as much as ten times compared to current products. The development of these new battery cathodes could also enhance solid-state capacitors, or give rise to a combination battery/capacitor that could store and supply much more electricity than either device alone can today. The nanotubes used in a 2010 MIT demonstration are commercially available, but because of testing and development time, potentially marketable battery/capacitor electrodes are at least five years away. Combined with a typical new car development timetable of five years, it could be a decade before we see these hybrid battery/capacitors on a production EV.

Popular Mechanics

Lithium Air Carbon IBM Companies investing in future battery design could be positioned for a lucrative windfall—if their tech becomes the silver bullet for EVs. IBM is now one of those competing companies. Its goal is to increase the range of a battery-powered car range to 500 miles. That would allow owners to drive from Los Angeles to Phoenix on one charge—and still have enough juice left over to cruise around town for a day or so. To do it, the company is developing a lithium-air battery with the potential for far more energy density than current lithium-ion batteries. IBM says its battery can last much longer during a charge because it uses carbon electrodes in which the ions react with oxygen (think of it as a breathing battery), yet that oxygen doesn't deplete the electrolyte medium. IBM is keeping mum about its new technology that keeps oxygen at bay, but says it was developed at the molecular level. The battery technology, however, is not expected to be commercially available to electric car makers until 2020.

Popular Mechanics

Lithium Silicon Northwestern University Harold H. Kung at the McCormick School of Engineering and Applied Science at Northwestern is researching a way to use silicon electrodes rather than carbon ones, hoping to build a battery with more storage capacity and thus more range. Kung says that by developing more flexible electrodes to accommodate silicon's tendency to expand and contract as it absorbs and discharges ions, a lithium battery could hold many times more ions. And such a battery would be able to move those ions faster—fast enough to reduce charging times on an EV.

Popular Mechanics

Carbon Foam Capacitor Hybrid Michigan Technological University Scientists at Michigan Tech have been working on a power-storage device to combine the electrical-storage density of a chemical battery with the power-delivery efficiency of a solid-state capacitor. One impressive feature: a unique carbon foam used as a cathode to increase the storage capacity. Using a carbon anode, the hybrid battery/capacitor not only weighs less than a conventional lithium battery, but it also delivers more of its charge than a typical capacitor. The unit can be recharged thousands of times without showing signs of degraded performance.

Popular Mechanics

Lithium Sulfur Carbon Nanofiber Stanford University Scientists at Stanford say that silicon's ability to store many more lithium ions than current electrodes makes it an attractive choice to increase power density in batteries. But there's a catch: Silicon expands significantly when it absorbs ions, and that movement tends to break the conductivity path of the anode. However, making nanofibers out of the silicon reduces this effect. In addition, the team found carbon nanotubes coated on the inside with sulfur allows their batteries to store up to ten times the energy of conventional lithium batteries. They also say sulfur is a more environmentally friendly (and cheaper) electrode coating, because it is readily available and non-toxic.

Popular Mechanics

Lithium Manganese Composite/Silicon Carbon Nanocomposite
Envia Systems

Lithium Manganese Composite/Silicon Carbon Nanocomposite Envia Systems Envia's primary development is a proprietary cathode material based on manganese, an abundant metal that is stable when used in the battery. Manganese is also less expensive than the more common cobalt-based cathode material, Envia says. The firm has received grants from U.S. auto companies and federal and California energy agencies to continue developing the battery for commercial use; it says the battery could give a range of 300 miles in an EV.

Inhabitat - Nissan Recharge in 10 minutes

Nissan just announced that, in conjunction with Japan’s Kansai University, it has built an electric vehicle charger that is capable of fully recharging a car in just 10 minutes. One of the biggest downsides of current electric vehicles and their accompanying charging stations is that it usually takes about 8 hours to fully recharge a battery. This new charging station, when commercialized, could open up the door to a whole new demographic of people who aren’t willing to wait — the only problem is they’ll have to wait about a decade for Nissan to get this thing into dealerships.

reply to post by 11235813213455

I plan on Powering the Grid with the same it's now powered with. Coal, Gas, Renewables.

so when can petrol prices expect to drop.

I'm over paying 1.50 a liter I reckon they should of been taxing the people who depend on petrol the most for this carbon tax.

I use my car for 7 mins a day on average.

This is big news. Oil analysts speculate whether or not the world has reached peak oil production and from now on oil (black gold) is getting more expensive and harder to find.
Who knows how much is down there but it could be massive. In the oil world big finds like these are supposed to be just about over but I always thought there must be some big fields still to be discovered.

So if you took the 233 billion, well, you're talking Saudi Arabia numbers. It's massive, it's just huge.

au.news.yahoo.com...

reply to post by Thecakeisalie


Like any individual Australian will see any benefit from this.

We won't even get a 5c discount at the pump from it...

As discussed in the primary thread on this topic ( www.abovetopsecret.com... ) there will be no savings at the pump for ordinary Australians if the moneyed decide to exploit this resource. All of our oil goes through the markets in Singapore and is sold back to the Australian consumer at a "fair" price based on the Singapore domestic fuel prices. Obviously, once the various middlemen and colluding retailers have taken their cut, there are no petrol price savings to be had - unless you utilise the insidious discount voucher system which is designed purely to cement the Coles/Woolworths grocery duopoly at the expense of smaller, more local competitors. As the fuel prices increase, Coles and Woolies see increased profits on their highly processed foods as well as their pesticide-laden "fresh" foods.

One could argue that increased employment in the oil sector is good for the economy. So it is, but as we have seen with the mining sector, unless you're working in that sector the economic goodness is little more than numbers on a screen which politicians and corporate boards like to bandy about.

This wonderfully rich shale oil field will be a license to print money for the corporate types but any tangible benefits will go offshore. I say let the corporations find these things and begin to exploit them, then nationalise the project (with compensation set at cents on the dollar), unplug Australia from the Singapore markets and if we must use fossil fuels, then use Australian fossil fuels set at domestic Australian prices, tax it so that petrol costs a very reasonable $1 per litre at the pump and use the revenue to fund renewable energy programs. Hell, I'd pay double that if the tax was going towards building something other than some corporate's empire.

It'll never happen of course.