Quote: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.
At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.
This has the potential to turn Australia from an oil importer to an oil exporter.
"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Mr Bond said.
State Mineral Resources Development Minister Tom Koutsantonis said there were exciting times ahead for SA's resources industry.
A Linc Energy drilling rig in the Arckaringa Basin surrounding Coober Pedy
"Shale gas and shale oil will be a key part to securing Australia's energy security now and into the future," he said.
http://www.dailytelegraph.com.au/news/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-e6freuy9-1226560401043
My understanding is that Australia has always had large known quantities of shale oil but it is more expensive energy wise to mine it than the oil is worth. Maybe we are getting desperate.