Some say that it may rival Saudi Arabia.
http://www.news.com.au/business/com...n-fuel-australia/story-fnda1bsz-1226560401043
http://www.news.com.au/business/com...n-fuel-australia/story-fnda1bsz-1226560401043
Massive Oil Discovery Down Under
- Thread starter danibbler
- Start date
3.5 billion to 234 billion barrels of oil? that's a huge margin of error. I say they are just speculating, nothing is concrete.
Very little infrastructure in place, and fracking is a brand new technology for OZ. It's 10-20 years away from market and will not be cheap, even with China's help.
Yep, this is the very very beginning of a possible massive change in the oil market for Australasia. I thought that they would have to not only take the stuff out, but transport and refine it. They can skip the refining part because the Chinese and others have been building refineries.
Not sure about how expensive the final product is but if you hold Aussie currency now is not the time to let it go.
And, Rockslinger is right, this would be very bad news for Canada because we'd be stuck with selling the stuff only to the Americans.
Not even sure we can sell our oil to the Americans because"
1) They are fracking their own oil like crazy.
2) The Americans would rather buy blood conflict oil from countries that hate them than "dirty" Canadian oil.
1) Yep, they started with nat gas and now they've moved on to oil. The market for Canadian oil is just shrinking.
2) Not sure about that...think that the vast majority of their imported oil comes from Canada and Venezuela.
Venezuela, eh. If they like Canadian oil so much why won't they let us build Keystone XL
? I thought the Saudis and Kuwait were major suppliers to the U.S.Canada is largest supplier of oil to US. Second is Mexico. Than come S.Arabia and Venezuela. US is producing now more and more of their own shale oil and will become the largest producer and net exporter in next 10 years. Huge deposits found in OZ are also shale oil type. This type of deposits can be produced by horizontal drilling and hydraulic fracking technology. This technology is responsible for huge production of shale gas in US. Australian oil will be produced. Its only a matter of time. This technology is still new and is evolving. So far only in US.
This is bad news for Canada. The Alberta premier has already said that Alberta is down $6 billion in revenue because of current "low" oil prices.
It would be GREAT for Canada, the high Canadian dollar is hammering all our manufacturing which creates more high paying jobs then oil
Fuck Alberta. They are always intent on screwing the East, now they need pipelines they are suddenly federalists. lol If there was a National Energy Plan, there would be pipelines in place to ensure they had market access at slightly lower then world prices. But because they are greedy arrogant pricks they get 30-50/bbl less then market and have to suck up $22/bbl cost to move their oil by train. Oh.. BTW, the Americans Alberta thought wanted their oil? They just found a SHITLOAD at home.. so no thanks.
True, but that describes most of Australias mines. Coober Pedy is freakin hot though, so they can use solar energy to generate steam to get the oil out. Oz has a ton of mining expertise, I doubt they will have any problems learning how to extract this stuff. It is only about 550KM to port augusta.
clue in
those jobs are permanently gone & not coming back even with a $0.60 dollar
That really only holds true for the tree hugers and the Obama Administration, but since he is the President. . . .
North Dakota is now the second leading oil producer in the U.S. The Middle Bakken holds 6 billion barrels (check number) of oil and will produce for 30 years. If Alberta suffers a cash shortfall, then there will be less money for the "have not" provinces.
Manufacturing jobs are returning to the us...why not Canada?...there is no such thing as permanence..except in death maybe
because of the corp & payroll taxes and the unions (many states have severly weakened union power)
I would not hold your breath hoping manufacturing will ever make a meaningful resurgance in Ont
