The End of OPEC? Massive Oil Find in Australia.

Agenor

Agenor

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Haven't seen this mentioned anywhere, or in the news for that matter.

Could be a real game changer for the Middle East, and it's been a long time coming. Some little sleepy town in Southern Australia is estimated to have 233 billion barrels of oil, and perhaps even larger than that some speculate. At 233 billion barrels, that's about 30 billion shy of the estimated oil in Saudi Arabia.

http://moneymorning.com/ob-article/a...hp?code=131883
 
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Zhaun_sl

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Your article is extremely sunny.

http://www.telegraph.co.uk/news/worl...n-outback.html

I guess a lot of that "200+ billion barrels" is shale or otherwise hard to get and a more conservative estimate is around 4 billion of easy to get to oil. Which is still good and still doubles Australia's oil output, but isn't nearly as world changing as that first article would have you think.

I don't understand a lot of the specifics, but it seems like those massive 300-400 billion estimates come with a lot of scientific fine print that bears reading and makes it less cool than it sounds.
 
Agenor

Agenor

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Zhaun_sl said:
Your article is extremely sunny.

http://www.telegraph.co.uk/news/worl...n-outback.html

I guess a lot of that "200+ billion barrels" is shale or otherwise hard to get and a more conservative estimate is around 4 billion of easy to get to oil. Which is still good and still doubles Australia's oil output, but isn't nearly as world changing as that first article would have you think.

I don't understand a lot of the specifics, but it seems like those massive 300-400 billion estimates come with a lot of scientific fine print that bears reading and makes it less cool than it sounds.
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Knew there had to be a reason this wasn't made a bigger deal of. Would be nice to stick it to the middle east...Meh
 
Siddar

Siddar

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Shale Oil is everywhere. Problem is they can only extract 2% of that oil with current tech. So when you see these huge estimated oil reserve numbers reduce that by 98%. Five years ago that number was 0% and in a few years it most likely will be above 2%. US is pumping shale oil like crazy. Brakken and Eagle Ford fields are both likely to pass million barrel per day mark this year. Starting from zero just a few years ago that is impressive market shaking increase.

Problem for the rest of world is Shale Oil is very drilling intensive and US and Canada account for 70%+ of active drilling rigs. Shale Oil also requires both rigs capable of horizontal drilling and fracking. 90% of US Canadian rigs are capable of both while outside of north america less then 50% of rigs are capable of ether of the above methods.

So Australia will need thousands of drilling rigs and ten of thousands of trained workers to exploit there shale oil and will also need to find enough water to run the fracking process.

So don't expect Australia to replace Middle east anytime soon.
 
spronk

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i'd watch a tv show thats the australian beverly hillbillies, that was my favorite show growing up. I even have Jethro's autograph! It could be like a mix of Crocodile Dundee and the original Hillbillies

 
khalid

khalid

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I remember liking it as a kid, but man that clip is horrible. I sure had no taste as a kid.
 
iannis

iannis

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Poor Jethro. He was typecast his entire life. He actually tried to be a serious actor at one point.

NOPE. Jethro Bo-deen.

I seem to remember that Mrs Drysdale went into canadian politics and Jed poped up as a character assassin. Completely shit on her.

Take that, Canada.
 
Big Phoenix

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Agenor_sl said:
Haven't seen this mentioned anywhere, or in the news for that matter.

Could be a real game changer for the Middle East, and it's been a long time coming. Some little sleepy town in Southern Australia is estimated to have 233 billion barrels of oil, and perhaps even larger than that some speculate. At 233 billion barrels, that's about 30 billion shy of the estimated oil in Saudi Arabia.

http://moneymorning.com/ob-article/a...hp?code=131883
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Nothing new. The US and Canada has tons of it as well but the greenies dont like it.
 
OneofOne

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(You mean Nancy Kulp, the Drysdale's secretary, who ran for a House seat as a Democrat, out of Pennsylvania)
 
Famm

Famm

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Siddar_sl said:
So Australia will need thousands of drilling rigs and ten of thousands of trained workers to exploit there shale oil and will also need to find enough water to run the fracking process.
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And according to that article its located in an extreme and remote desert where the few natives live underground in caves to survive the oppressive heat and there's basically no water anywhere nearby.
 
Siddar

Siddar

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Famm_sl said:
And according to that article its located in an extreme and remote desert where the few natives live underground in caves to survive the oppressive heat and there's basically no water anywhere nearby.
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Yep place doesn't seem to have basic resources needed to support the 50 thousand plus people needed to get the oil out of ground and shipped to market.

Here is a the best write up about Shale industry I've seen.

http://belfercenter.ksg.harvard.edu/...Boom%20Web.pdf
 
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Itzena_sl

shitlord
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Famm_sl said:
And according to that article its located in an extreme and remote desert where the few natives live underground in caves to survive the oppressive heat and there's basically no water anywhere nearby.
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Well yeah, it's called "Australia".
biggrin.png


In related news, Britain hasa fucktonof shale gas.
 
zombiewizardhawk

zombiewizardhawk

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Siddar_sl said:
Shale Oil is everywhere. Problem is they can only extract 2% of that oil with current tech. So when you see these huge estimated oil reserve numbers reduce that by 98%. Five years ago that number was 0% and in a few years it most likely will be above 2%. US is pumping shale oil like crazy. Brakken and Eagle Ford fields are both likely to pass million barrel per day mark this year. Starting from zero just a few years ago that is impressive market shaking increase.

Problem for the rest of world is Shale Oil is very drilling intensive and US and Canada account for 70%+ of active drilling rigs. Shale Oil also requires both rigs capable of horizontal drilling and fracking. 90% of US Canadian rigs are capable of both while outside of north america less then 50% of rigs are capable of ether of the above methods.

So Australia will need thousands of drilling rigs and ten of thousands of trained workers to exploit there shale oil and will also need to find enough water to run the fracking process.

So don't expect Australia to replace Middle east anytime soon.
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I know where the US will be expanding...
 
N

Northerner

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The lack of water is a very serious concern for any bitumen/shale production. I mean, if there's stuff there then eventually people will figure out ways to exploit it at a given price but while $20T worth of oil sounds nice, it doesn't mean shit if it would cost $22T to bring it to market.
 
Chukzombi

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Famm_sl said:
And according to that article its located in an extreme and remote desert where the few natives live underground in caves to survive the oppressive heat and there's basically no water anywhere nearby.
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natives? lol what century is this? if there is oil found on your land and you live underground like a moleman because the heat. would you rather keep living like that or would you rather become rich as fuck by developing your land or outright selling it for billions so you can live in a mansion with air conditioning?
 
Famm

Famm

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Maester Chuk_sl said:
natives? lol what century is this? if there is oil found on your land and you live underground like a moleman because the heat. would you rather keep living like that or would you rather become rich as fuck by developing your land or outright selling it for billions so you can live in a mansion with air conditioning?
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The point was that if it takes tens of thousands of people on site 24/7 and who knows how many tens of thousands of gallons of water (per day?) to frack this thing, then the location of it is going to be an extreme hurdle for extracting it.
 
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