Massive oil find in SA

[Evgeni]

Wonder if this will free us from the world oil pricing forces

Have a read -
http://www.news.com.au/business/comp...-1226560401043

In theory, this should send fuel prices to the ground...but I'm not going hold out too much hope.

[Rusty62]

wow this is exciting, we had better lock the gates and hope no one comes to steal it off us

[pottery beige]

waits for tree hugger, hairy armpit professional protester, giant sleeping snake mob chime in furious outrages....

[MercurySilver]

sweet

should be able to get fuel for around 1.10 a litre for 98 by next tuesday at the earliest

we'll see nothing
they'll export the lot instead of supplying the country it was found in at a decent price

[mac_man_luke]

A foreiegn company will get the rights to drill it, it will get sent overseas and we will still have to live on imported fuel.

[MercurySilver]

then the state will make ***** loads of money and spend that coin on our absolutely crap roads and finally re do 80% of those roads in the state!

oh
hang on

[pottery beige]

Originally Posted by MercurySilver

then the state will make ***** loads of money and spend that coin on our absolutely crap roads and finally re do 80% of those roads in the state!

oh
hang on

seen what's going on southy rd regency pk yet.. deadset we go from one extreme to another...

[335POWER]

it'd be absolute stupidity not to get this oil. it'd be far more expensive not to go get it. imagine the benefits to the economy!?

[karj]

Originally Posted by Troy23

it'd be absolute stupidity not to get this oil. it'd be far more expensive not to go get it. imagine the benefits to the economy!?

Benefits to some sectors of the economy...

I imagine it would go some way to restoring the health of our state budget and provide decent job opportunities, but I also imagine that it would exacerbate the 2-speed economy, push up our dollar and generally make it more difficult for the manufacturing sector.

Still very early days yet guys, bit of a difference between 3.5 billion barrels of oil compared to 233 billion barrels.

[2011G6E]

Those of us from the Sunshine State might remember when Joh was in charge of the place...in the late seventies/early eighties, a French company said that there was, from preliminary studies and surveys, every indication of massive oil reserves on the continental shelf beyond the Barrier Reef. They wanted to do seismic surveys to work out just how much was there, but Greenpeace and other greenie groups stopped it happening, as well as the federal government stepping in to ban it.

I always wondered when they will finally go back and have a look.

I'd bet lefty that the oil reserves just discovered are left where they lie...there are other oil reserves that have been discovered and then ignored because of environmental issues.

[csv8]

Keep V8's going for the next 100 years. Oh ! I forgot, we are running out of oil !!!! Never believed that BS !!

[MercurySilver]

we could make that much money from it they could afford to drop the interest rate a bit to a decent amount and therefore increase the actual money people will spend in the economy

ohh
hang on.....

[BA GT-HO]

This means we can afford to get the Grand Prix back from Melbourne

[XD 351 Ute]

But it's ok, the price of OUR oil will be linked to the SINGAPORE price thingo, so we get to pay the going rate for it................

Ed

[ryeman]

Why did they look for the oil deposit ....answer - world parity pricing (Singapore Tapis) was the carrot and if exported will further improve our balance of trade position.
The real ? is will it be refined here with the byproduct of an increase in LPG supplies in more areas?

[MarkAW]

Before you start counting your sheckles - this is Shale Oil - Its NOT LSC (light sweet crude) or even heavy crude like the saudi fields. In fact its not really a field at all. The hydrocarbon called kerogen which pretty much ends up as a kerosine is locked within the shale matrixs and has to be sweated out.

Yeah its a great find and will help with diesel fuel, JP1 & 2 but its very expensive to refine and crack when compared to crude and you might also notice that the majors are removing their refineries. It also leaves a hell of a mess of mineral crud. Also Clyde is closing to become a bulk shipping terminal despite the fact that you can only get a lighter into it and one of the other Shell refineries is also going, which only leaves Altona. Shell view is to buy already made product and not make our own.

[Franco Cozzo]

Dibs on the job for holding the slow/stop sign!

[Chopped]

Great news for the SA economy.

[bobthebilda]

This is one of those projects that will take 5 barrels of oil, to get one barrel of oil out of the ground (thus its a very good chance that the SA government will throw money behind it ). And a very very very large supply of water helps in the extraction process, I'm not sure if anyone has been around Cooberpedy lately, but you dont see many rivers or lakes.

[lelandnine]

The best thing was I bought shares in it today and they went soaring. Made a tidy sum of money. Long live announcments like that.

[05_ENFORCER]

Originally Posted by lelandnine

The best thing was I bought shares in it today and they went soaring. Made a tidy sum of money. Long live announcments like that.

Don't sell them just yet


.

[neptune blue]

dont worry the oil companies & big chain retailers will find an excuse to sell it at a high price and the government & ACCC will be too lazy, stupid or powerless to stop them

[MITCHAY]

Lol 3.5 - 233 billion. Quite a wide range don't you think? I'm given to understand that shale oil is expensive to extract as well.

LINC shares up 23% today. Someone made some good money. If we dig it out do we even have capacity to refine it?

[ryeman]

[QUOTE=.......do we even have capacity to refine it?[/QUOTE]

Refiners have, at some stage, to make the decision as to whether they spend hundreds of millions of $A to massively update for the coming euro vi requirements, I suspect they are all going to close, choosing instead to import the already refined product.
You would think there are at least defence implications let alone domestic ones...

[ea90gl]

Oh great just waiting for America to soon declare Australia is full of terrorists and is building weapons of mass destruction...

[atec77]

Originally Posted by ea90gl

Oh great just waiting for America to soon declare Australia is full of terrorists and is building weapons of mass destruction...

That's how it works and stranger things have happened , it's a matter of who and when we suffer the ignominy of losing our own oil to a foreign power , personally I look to the North

[neptune blue]

Remember the energy crisis of the late 70's ... limited fossil fuels
What a crock

[ryeman]

Originally Posted by neptune blue

Remember the energy crisis of the late 70's ... limited fossil fuels
What a crock

You mean the establishment of OPEC?

[MITCHAY]

Originally Posted by neptune blue

Remember the energy crisis of the late 70's ... limited fossil fuels
What a crock

I don't think it's so much there isn't enough, it's a massive planet mostly ocean

I think the argument and probably more these days is it is harder to find and more cost prohibitive to extract.

[Corrado-GT]

Go E85... If it dosnt start you can at least drink it...