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Pure puffery; even the company that owns it doesn't think there's anywhere near that much recoverable oil. More realistic estimates indicate there may be 3.5 billion barrels of recoverable oil. Still not inconsequential, but not Saudi Arabia, either.
Experts Doubt 223 bboe Estimates of Oil Reserves in South Australia?s Arckaringa Basin - Commodities & Futures
Ah, a pinhead "green" pops up with an attempted-bummer.
Buzz off hippie......the geologists are pissing themselves over this field....it will change the entire world-energy picture.
Even Linc Energy, the company which released the report, doubted the accuracy of the estimates or how the consultants reached those figures....
Thomas Pascoe, a financial market export and has worked in Lloyd's of London insurance market......said that if risking is taken into account, the true reserve would likely come to 3.5 bboe, definitely much lower than Saudi Arabia's 263 bboe reserves.
One good thing which Obama has done.Uh... that's what we thought about Canada.Good...A friendly nation with immense oil reserves. Time to shut out OPEC.
Obama's solution - shut out Canada.
.
First you've heard of it? Uh huh....the MSM doesn't like MONSTER oil finds, and baby, this one is a WHALE of a tale and a $20T dollar bonanza for the Aussies:
Coober Pedy?
Coober Pedy is 6 times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.
All told what was recently discovered outside a sleepy Australian town contains more black gold more than in all of in Iran, Iraq, Canada, or Venezuela.
With current estimates at 233 billion barrels its just 30 billion shy of the estimated reserves in all of Saudi Arabia.
According to one renowned international expert, this massive discovery could eventually dwarf the oil rich kingdom as the original estimates are revised.
An advisor to six of the top 10 oil producers and active consultant to 20 world governments, Dr. Kent Moors now believes the find, "may land at 300 or 400 billion barrels," making it one of "the greatest unconventional oil discoveries any of us will see in our lifetimes."
"It's represents a bona fide redrawing of the global energy map as we know it," Moors says, "and the mainstream media is completely ignoring it."
Money Morning
Not a "green" at all - but I can read. You should try it sometime.
Coober Pedy, along with Lightning Ridge, produce some of the nicest opals on the planet as well. Australia certainly seems to do things big. The Argyle mine has more diamonds in it then have been found in the entire world. It's a monster!
Be as troubled as you like. Even Australians aren't as dumb and brainwashed as Americans. They don't want the guns.It troubles me their government took their guns away from them.....
A LOT OF WATER is something the Australians will never have -- not until a miracle happens and an inexpensive way to de-salinate sea water is discovered.They're going to have to figure out a way to get a LOT of water into the areas they'll drill if they intend to do extensive fracking....
Be as troubled as you like. Even Australians aren't as dumb and brainwashed as Americans. They don't want the guns.It troubles me their government took their guns away from them.....
A LOT OF WATER is something the Australians will never have -- not until a miracle happens and an inexpensive way to de-salinate sea water is discovered.They're going to have to figure out a way to get a LOT of water into the areas they'll drill if they intend to do extensive fracking....
.
One good thing which Obama has done.Uh... that's what we thought about Canada.Good...A friendly nation with immense oil reserves. Time to shut out OPEC.
Obama's solution - shut out Canada.
.
Be as troubled as you like. Even Australians aren't as dumb and brainwashed as Americans. They don't want the guns.It troubles me their government took their guns away from them.....
A LOT OF WATER is something the Australians will never have -- not until a miracle happens and an inexpensive way to de-salinate sea water is discovered.They're going to have to figure out a way to get a LOT of water into the areas they'll drill if they intend to do extensive fracking....
.
Not a "green" at all - but I can read. You should try it sometime.
No of course you're not....you just decided to dig high and low for a negative opinion on this field is all....you think you're fooling anybody, sonny?
I'll take the Australian OIL MINISTER's word on the matter rather than some clown you dug outta the woodwork. You leftists are all alike; can't even admit you are one when cornered....weak.
Not a "green" at all - but I can read. You should try it sometime.
No of course you're not....you just decided to dig high and low for a negative opinion on this field is all....you think you're fooling anybody, sonny?
I'll take the Australian OIL MINISTER's word on the matter rather than some clown you dug outta the woodwork. You leftists are all alike; can't even admit you are one when cornered....weak.
Yes, because the Australian oil minister couldn't possibly have a political reason to to spout the highest possible number.
Recoverable reserves estimated at 3.5 billion barrels, over $300 billion at current prices. Isn't that good enough news? Too negative? You need it to be $20 trillion?
It's quite clear that they will not recover 233 billion barrels from this find; that's a headline number to make politicians salivate and entice unsophisticated investors, nothing more. Fodder for the naive. However, I have no proof, nor do you. Debating the end result is pointless, especially with someone who resorts to offensive personal attacks when he has nothing.
No of course you're not....you just decided to dig high and low for a negative opinion on this field is all....you think you're fooling anybody, sonny?
I'll take the Australian OIL MINISTER's word on the matter rather than some clown you dug outta the woodwork. You leftists are all alike; can't even admit you are one when cornered....weak.
Yes, because the Australian oil minister couldn't possibly have a political reason to to spout the highest possible number.
Recoverable reserves estimated at 3.5 billion barrels, over $300 billion at current prices. Isn't that good enough news? Too negative? You need it to be $20 trillion?
It's quite clear that they will not recover 233 billion barrels from this find; that's a headline number to make politicians salivate and entice unsophisticated investors, nothing more. Fodder for the naive. However, I have no proof, nor do you. Debating the end result is pointless, especially with someone who resorts to offensive personal attacks when he has nothing.
This is what was originally thought of many reservoir plays in the U.S., and industry ultimately proved estimates wrong. New technologies have turned the game around.
A research paper by USGS geochemist Leigh Price in 1999 estimated the total amount of oil contained in the Bakken shale ranged from 271 billion to 503 billion barrels (8.00×1010 m3), with a mean of 413 billion barrels (6.57×1010 m3).
Reports issued by both the USGS and the state of North Dakota in April 2013 estimates up to 7.4 billion barrels of oil can be recovered from the Bakken and Three Forks formations in the Dakotas and Montana, using current technology
Bakken formation - Wikipedia, the free encyclopedia
Not a "green" at all - but I can read. You should try it sometime.
No of course you're not....you just decided to dig high and low for a negative opinion on this field is all....you think you're fooling anybody, sonny?
I'll take the Australian OIL MINISTER's word on the matter rather than some clown you dug outta the woodwork. You leftists are all alike; can't even admit you are one when cornered....weak.
Yes, because the Australian oil minister couldn't possibly have a political reason to to spout the highest possible number.
Recoverable reserves estimated at 3.5 billion barrels, over $300 billion at current prices. Isn't that good enough news? Too negative? You need it to be $20 trillion?
It's quite clear that they will not recover 233 billion barrels from this find; that's a headline number to make politicians salivate and entice unsophisticated investors, nothing more. Fodder for the naive. However, I have no proof, nor do you. Debating the end result is pointless, especially with someone who resorts to offensive personal attacks when he has nothing.
Listen, you can bellyache and demand more Solyndras and magic bean fuels for your motor schooter.....who cares? I can't lock you out of this thread but I can ignore your sorry ass....consider it done.
