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This is a reminder that
global shale oil potential is stupendous and exploitation will center in
regions were political support is onside now.
Since it is shale oil, it remains expensive oil. Yet as we have discovered with the Bakken,
exploitation is actually rapid in terms of spud to payback delivery
volumes. It also demands a drilling boom
that is ongoing.
This means that millions
of barrels per day will be entering the international market over the next
decade. It also means, that $100 oil
will be well supplied into the near future in volumes able to sustain global
demand while drive the investment boom in proving up alternatives. We need not be too afraid of a real supply squeeze
and that is a blessing that was not true at all as recently as five years ago.
No one likes $100 oil,
but if that is the price we need to pay in order to just continue, then we
will.
This all means that
Canada, the USA and Australia will continue to boom oil supplies, allowing them
to cleanly exit the import market.
Europe is in the same position with burgeoning Russian oil supplies and
their shale reserves are as massive.
This releases
international export oil for the growing Chinese and Indian markets and both
these countries are trying to ramp up their own supplies particularly with Russia. These are huge shifts not really seen before.
This Massive Discovery
Has Put The Saudi’s Into a Panic
By Money
Morning Staff Reports
It's
the biggest find in 50 years and the media is completely ignoring it...
It
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 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."
Where
the Hell is Coober Pedy?
But
to people who call this place home, the oncoming oil boom means nothing
will ever be the same ($20 trillion worth of oil can do that to a town).
It's
centered around a place called Coober Pedy, an inhospitable speck on the map in
Southern Australia.
Founded
in 1915, Coober Pedy had long been the home to a scarce 1700 people who lived
in residences literally carved out in its caves.
Now
another 20,000 people have suddenly flocked there, making it one of the hottest
real estate markets in all of Australia.
Considering
the conditions the sudden stampede is remarkable - there's little to no water
and temperatures routinely reach above 100 degrees Fahrenheit.
While
it's obviously still just the beginning, Coober Pedy real estate agent Di
Enders says her phone has been ringing off the hook since
the news broke.
"I've
had so many calls, you wouldn't believe it," she says. "My brain is
about to explode."
"People
renting don't want to surrender their houses, they know they won't get another
one," she says.
The
big draw is the riches about to be pulled out of a vast geological structure
called the Arckaringa basin.
Encompassing
an area in excess of 30,000 square miles, what's buried within the basin is
enough black gold to completely change the global oil landscape-not to mention
the lives early investors.
Analysts
now believe ground zero will be much like is was in Saudi Arabia in the 1950's.
And
according to the inner circle briefing below by Dr. Moors, there's one little
company that controls the whole thing.
And
since Arckaringa footprint will be beyond extensive, hundreds of wells, massive
infrastructure networks, gathering systems, pipelines, processing facilities
and support services will vital.
/
The
Death Knell for OPEC
The massive
find has been likened to the Bakken and Eagle Ford shale oil projects
in the US, which have created legitimate boom times in Texas and North Dakota.
The
outflows from these areas have been so big they have given way to predictions
that the US could overtake Saudi Arabia as the world's largest oil producer as
soon as this year.
Even
at the lowest estimate, the Coober Pedy fins is set to make Australia a net oil
exporter; at the higher estimate, Australia would become one of the world's
biggest oil exporters.
"What
we're seeing up there is a very, very big deposit," says South Australia's
mining minister, Tom Koutsantonis, "If the reserves and the pressure was
right over millions of years and the rocks have done the things they think
they've done, they think they can extract vast reserves of oil out of South
Australia which would have a value of about $20 trillion."
Dependence
on OPEC's crude is already slipping as the U.S. and Canada unlock
unconventional oil supplies from deep underground shale deposits with new
drilling techniques.
Now
there's even more completion bubbling up from "Down Under."
Given
all of the trouble in the Middle East, the Saudi's have good reason to be
alarmed.
Enormous oil shale
deposit found in Coober Pedy, Australia
July
16, 2013
A
massive oil find has put the Australian Outback on the energy map. The oil in
the Southern Australia oil shale resource is estimated at maximum of 233
billion barrels, topping all of Australia’s reserves put together and nearly
equivalent to all the oil in Saudi Arabia.
According
to Tempo, the Australian oil deposit dwarfs those known
deposits in the U.S., outsizing the Bakkenformation
six times, Marcellus shale
17 times, and the Eagle Ford deposit 80 times over. Australia now has more oil
than does Iraq, Iran, Venezuela, or Canada.
The
oil yet to be extracted is valued at $20 trillion, putting Australia on the
energy map among the big-money players. The resource is also putting the small
town of Coober Pedy on the map. With 1,700 inhabitants, the town attracted
20,000 people recently.
Some
oil experts believe the deposit may eventually yield as much as 400 billion
barrels, up from the initial maximum estimate. The valuable resource resides
in shale rock and must be extracted using fracking.
Australians must meet the challenge of environmental backlash while
developing the technology to extract the resource efficiently.
Americans
are largely unaware of the Australian find, not because they’re disinterested
but because the mainstream media shows disinterest in reporting the good news
of a colossal fossil fuel find anywhere, nevermind way down under.
With
a black gold deposit of such a size in Australia, one thing is for sure: There
won’t be windmills going
up in the Outback.
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