$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'

[Boon]

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.

Read more:
http://www.news.com.au/business/companie...6560401043

[HitandRun]

Incredible claims ought to be supported by incredible evidence. Have not been able to see any of that (incredible evidence).

[cfa]

Is shale oil same as the usual cru-oil ?

[HitandRun]

Is shale oil same as the usual cru-oil ?

That is the problem with hyped up articles like that. Long on fluff and short on details. The word shale oil could either mean "tight oil", i.e. oil produced by fracking (hydraulic fracturing) or converting the kerogen into crude (which many oil companies have tried but failed to commercialise).

[Boon]

Incredible claims ought to be supported by incredible evidence. Have not been able to see any of that (incredible evidence).

The article says "The Linc Energy reports, from consultants DeGolyer and McNaughton and Gustavson Associates, are available on the Australian Securities Exchange website"

http://www.asx.com.au/asxpdf/20130123/pd...96l7ps.pdf

How credible is this report? One has to make his/her own judgement, bear in mind that this is a public disclosure of an ASX listed company - Linc Energy.

[shanrui_91]

There's a huge difference between reserve and resource. Canada has 176.8 billion barrels of Oil Sand of resource

Resource needs to be economically and technologically viable at the current oil prices to become reserve.

US's shale success cannot be replicated everywhere. I read that cost of fracking is higher in Europe than US due to the geology

[specuvestor]

^^ correct. Just as rare earth is not rare at all. But extraction has other economical, environmental technological and political constraints.

[Boon]

World's oil industry won't be the same in the wake of shale

Read more: http://www.smh.com.au/business/worlds-oi...z2J5PQln3p