Australia's Massive Shale Discovery

By Admin
Brisbane-based Linc Energy released two reports yesterday revealing a shale oil discovery in South Australia potentially worth $20 trillion, accountin...

 

Brisbane-based Linc Energy released two reports yesterday revealing a shale oil discovery in South Australia potentially worth $20 trillion, accounting for a range of 3.5 billion to 233 billion barrels of oil.

"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Linc's managing director Peter Bond told reporters. "If you look at the upper target, which is 103-233 billion barrels of oil, that's massive. The opportunity of turning this into the next shale boom is very real.”

Bond added: "If the Arckaringa plays out the way we hope it will … it's one of the key prospective territories in the world at the moment. … We have a very good idea that this will be an oil-producing asset."

Related story: Global Warming—Record Temperatures in Australia

The feasibility of the hype behind Linc's claims still need to be verified, but shares have jumped up ten percent, regardless, this morning, according to the Sydney Morning Herald.

As of today, however, the company has retrieved the $20 trillion figure as an estimate calculated on behalf of the media rather than the industry.

Related story: Australia to Overtake Qatar as Global LNG Leader

‘Obviously if you want to stand up there and come up with $US100 times 100 billion barrels, you’ll come up with a big number," Peter Bond told the Sydney Morning Herald. "That’s not how you value oil resources anyway.’’

Read More in Energy Digital's December/January Issue

DOWNLOAD THE ENERGY DIGITAL IPAD APP

 

 

Share

Featured Articles

Who is Greg Joiner, the new Head of Shell Energy?

Joiner will be formally be appointed as Shell Energy’s EVP on 1 April following a reshuffle of the division's top team

Watershed Workshop at Sustainability LIVE: Net Zero

Hosted on Day 1 of Sustainability LIVE: Net Zero, Watershed’s session was overflowing with ideas that apply to supply chain decarbonisation

Capgemini Invent Workshop at Sustainability LIVE: Net Zero

Explore how Capgemini Invent's workshop on Day 1 of Sustainability LIVE: Net Zero delved into climate adaptation & social sustainability for futureproofing

Energy Highlights from Sustainability LIVE: Net Zero

Sustainability

Sustainability LIVE: Leading ESG and Net Zero

Sustainability

International Women’s Day: Women in Energy with Julia Souder

Renewable Energy