It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In January, officials in Australia announced they had found a shale oil field that contained more “black gold” than what’s found in Iran (137 billion barrels), Iraq (115 billion barrels), Canada (175 billion barrels) or Venezuela (211 billion barrels).
Discovered underneath the small Southern Australian town of Coober Pedy in the Arckaringa Basin in 2008, officials estimated the lone oil field contained about 233 billion barrels of oil — just 30 fewer barrels than what officials report is found in all of Saudi Arabia.
iBallinU
This has already been posted about and is many months old news.
There might be a tonne of oil under there, but it's nowhere near the top end of those estimates.
Besides the oil, there is hundreds of billions of dollars if not trillions worth mineral wealth not only around Coober Pedy but across the entire Australian outback.
Most people really have no idea just how big the Australian outback is, and how many hundreds of millions of years old this land is, and what is used to be before we existed.
Many millions of years ago the area near Coober Pedy was actually an OCEAN. Not a desert like it is now.
As you are driving through the desert toward Coober Pedy you can see the rises and falls in the landscape that used to be the ocean floor.
Well this sounds like good news but from what ive read australia has closed its refiniries so this will most likely be sold to foreign interests, but then again the world is so globalized anything.
More oil to supply for the world for the next millenium but when will the oil cartels and energy cartels finally cave so we can use the free energy thats been hidden for so long.
MysterX
reply to post by breadinspector
Ignoring the local politics of this massive oil find, it shows 'peak oil' for the revenue raising scam that it is.
As a side note: Saudi Royal family better start making plans to get out of dodge..when the US exploits this find, Oz will become their next best friend, and Saudi?
Just like yesterdays newspaper becomes todays chip wrappers... yesterdays oil rich allies become todays relatively oil poor, undemocratic, abusive, citizen murderers ripe for invasion.
Just saying..
Oil Shale's Energy Return on Energy Investment
Findings show oil shale is, at best, a marginal energy source
…
Figure 1. A comparison of estimates of the energy return on investment (EROI) at the wellhead for conventional crude oil, or for crude product prior to refining for oil shale.
The EROI for oil shale is considerably less than the EROI of conventional crude oil, both at the wellhead and at the refined fuel stages of processing. Even under marginal conditions, such as smaller and deeper well fields, loss of artesian pressure, etc., conventional crude oil still generates a significantly larger energy surplus than oil shale – approximately 20:1. We cannot yet say with certainty that the EROI for oil shale is unequivocally greater than 1.
Nuker
I find it strangely odd that this discovery has been kept rather quiet since it was discovered (Unless I'm just missing the news on it).
I just hope it doesn't get sold off to foreign interests, but it probably will.
'Cause Saudi oil would be worth nothing all of a sudden?
MysterX
reply to post by breadinspector
Ignoring the local politics of this massive oil find, it shows 'peak oil' for the revenue raising scam that it is.
As a side note: Saudi Royal family better start making plans to get out of dodge..when the US exploits this find, Oz will become their next best friend, and Saudi?
Just like yesterdays newspaper becomes todays chip wrappers... yesterdays oil rich allies become todays relatively oil poor, undemocratic, abusive, citizen murderers ripe for invasion.
Just saying..
MysterX
reply to post by boncho
'Cause Saudi oil would be worth nothing all of a sudden?
Put it this way, if you had two prospective allies which were swimming in oil, about 30 Billion barrels worth of the stuff for one, but it had terrible Human rights abuse issues, undemocratic government and regularly murdered it's citizens and the other had estimates of 100's of Billions of barrels worth of the stuff, was democratic, doesn't have significant Human rights abuse issues and doesn't regularly murder it's citizens...who do you think the USA would be most likely to cosy up to and who would be most likely to have their oil stolen from under them?
Trubeeleever
Uh Oh !
I wish they didn't find that oil reserve.
Get ready for a US invasion Oz. it'll be justified with some sort of claim of weapons of mass destruction or some such B/S.
OR
The NSA will spy on our politicians, find all the dirt on them, then use that information as extortion to wrangle a political solution to F..k the hard Aussie Worker out of the profits AGAIN!
Thankfully I'm in Iron Ore.