WE'RE STINKING RICH!/they're stealing from us

[Sonny Jim]

SOUTH Australia is sitting on oil worth more than $20 trillion, enough for Australia to become a self-sufficient fuel producer.

The Advertiser reports Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.

This has the potential to turn Australia from an oil importer to an oil exporter.

"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Mr Bond said.

State Mineral Resources Development Minister Tom Koutsantonis said there were exciting times ahead for SA's resources industry.

"Shale gas and shale oil will be a key part to securing Australia's energy security now and into the future," he said.

Linc has hired Barclays Bank to find an investment partner for the next stage of the project, costing $150-$300 million.

The company aims to drill up to six horizontal wells to further confirm its figures, but Mr Bond is confident the region will be home to oil production.

The need to build another oil and gas hub, like the Santos production facility at Moomba, depends on the size of the discovery.

"If it really takes off, that's when you start to look at Moomba-type pipelines."

Mr Bond said there was the potential for a US-style "shale oil" boom in SA.

The Wall Street Journal reported last week the US could pass Saudi Arabia as the world's largest oil producer this year, thanks to the shale oil explosion.

Shale oil extraction involves using new technologies to drill vertically and then horizontally for distances of more than one kilometre through shale rocks that contain oil.

The process was once prohibitively expensive but advances have created a new oil boom in the US.

Mr Koutsantonis said: "We have seen the hugely positive impact shale projects like Bakken and Eagle Ford have had on the US economy.

"There is still a long way to go, but investment in unconventional liquid projects in South Australia will accelerate as more and more companies such as Linc Energy and Altona prove up their resources."

Mr Bond said the potential in SA was "massive", but even at the lower end of estimates - about 3.5 billion barrels - it was still very large.

"If you look at the upper target, which is 103-233 billion barrels of oil, that's massive," he said.

"The opportunity of turning this into the next shale boom is very real.

"If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it's one of the key prospective territories in the world at the moment." Mr Bond said each well could flow at 1000-2000 barrels per day.

"You put in 50 of them and that's a lot of oil," he said. "We have a very good idea that this will be an oil-producing asset."

Mr Bond said Linc had so far spent about $130 million in the Arckaringa Basin, drilling four deep wells and "a couple of dozen" shallower wells.

British company Altona Energy was scheduled to start drilling this month to discover more resources for a proposed coal to liquids and power project also in the Arckaringa Basin.

That project, which could cost up to $3 billion, would involve an open-cut coal mine and possibly a 560 megawatt power plant.

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

http://www.weeklytimesnow.com.au/article/2013/07/11/576302_business-news.html

so we have an upcoming election based on who can cut the most from the budget and make the people realise Australia is in for tough economic times.

of course they gutted our manufacturing industry decades ago by getting rid of tariffs and we shouldn't really need the oil money but it's there and it's OURS.

Edited August 26, 2013 by Sonny Jim

[Sonny Jim]

when i say it is "ours", I mean that if someone campaigned hard from now until the election saying they will make the Australian people the sole owners of the oil (maybe divvy it up equally, or print our currency on solid gold like Kadafi was going to do in Libya) if they vote them in....then I think good things could happen in terms of the Australian people wising up and going the way Iceland did during the "Global Financial Crisis". In which Icelanders figured out their gov had signed them on to debt that was not their's in order to sink the country but the people wised up and put some of them in jail, deported some etc and got their country back.

sorry if you already know this story but some don't.

Edited August 26, 2013 by Sonny Jim

[ThunderIdeal]

Your dreaming mate!

[Sallubrious]

The last time Australia made a serious attempt to have any control over what goes on in Australia (the Pine Gap fiasco) the Yanks branded us communists and they planned to nuke us. They reneged on their agreement over Pine gap and their World Trade agreement with us too, all our tariff protection was dissolved and they kept subsiding their agriculture which they'd agreed to stop doing in their World trade agreement with us.

We never did get control over Pine Gap or Australia. That's why Whitlam was sacked - he was the last PM to have the balls to try to steer Australia on a course of self determination. Whitlam also wanted to re-pay all the countries foreign debt and run the country as profitable independent entity somewhat like Qaddafi was doing. We all saw what happened to Qaddafi and what happens to any country (with resources) that tries to resist.

[whoami]

I would have loved to sit and chat with Qaddafi, would have been some interesting shit

[whitewind]

I'm guessing this would make us a potential target for foreign intervention? Better ramp up the military industrial complex, we're going to need a better army. Let's start by pitting ourselves against the hapless refugees, that'll get us primed. No coincidence?

Needless to say, that shit needs to stay IN THE GROUND to prevent runaway climate change.

[Sonny Jim]

Your dreaming mate!

HA! surely one of you is tempted by the fame and media spotlight....maybe won't live to enjoy it long but yeah.

[Distracted]

I'm guessing this would make us a potential target for foreign intervention? Better ramp up the military industrial complex, we're going to need a better army. Let's start by pitting ourselves against the hapless refugees, that'll get us primed. No coincidence?

Needless to say, that shit needs to stay IN THE GROUND to prevent runaway climate change.

America sent over a bunch of troops 2 years ago to protect our resources, read about it in a financial newspaper.. certainly wasn't printed in any tabloid.

[gtarman]

^^ I assumed it was so they had a military presence close to China?

[SunChaser]

^^^Yeah, the mainstream media was reporting it as a show of strength towards china.

Edited August 29, 2013 by SunChaser

[Sonny Jim]

i think when it comes down to it for me. I am pissed off with what this says about how utterly mind wiped we are as a people. We can't fathom the tiny drop of self respect required to realize it's our oil...lets not forget there is nothing stopping us from claiming that oil other than peer pressure...there are no guns enforcing this...not yet, not in Australia. We just lack basic self respect.

edit: always bad spelling people tease me and shit

Edited August 30, 2013 by Sonny Jim

[ThunderIdeal]

the US presence in the north is a token gesture, something like 1-200 troops. their arrival coincided with some fairly stern rhetoric from obama aimed at china.

sonny jim the australian government isn't in the business of finding, processing and selling our mineral resources, they just regulate and tax companies who are in that business. companies like Linc invest unbelievable amounts of cash in mineral exploration, each hole they drill costs something like a million dollars and that's just to see if anything is down there. i don't doubt for a second that these companies could afford to pay more tax for the irreplaceable resources they remove from our landscape and the irreparable damage they leave behind, and their environmental impact could be watched more closely. however this all comes down to our government. i don't see how they're to blame, for instance, if they make a noise that influences australian voters which in turn influences how they are treated by the government. nothing out of the ordinary about that. if we vote in response to noise, rather than thinking for ourselves, we get what's coming to us.

Edited August 31, 2013 by ThunderIdeal

[Sonny Jim]

thunderideal,

"sonny jim the australian government isn't in the business of finding, processing and selling our mineral resources, they just regulate and tax companies who are in that business. companies like Linc invest unbelievable amounts of cash in mineral exploration, each hole they drill costs something like a million dollars and that's just to see if anything is down there. "

well, it sounds like you are saying exactly what I am saying except trying to make it sound like a good thing. So it's not like you are saying something that is factually incorrect it just you try to give a vague overview of the subject in which every thing is all "nothing out of the ordinary about that. "

Plus it's a bit unfair to boil it all down to "nothing out of the ordinary". I mean I know this kind of shit is rife world wide but I was not trying to make a post about the extra ordinary, just about the fact that Australia is sitting on some of the biggest oil reserves ever but they tell us where broke and are considering further austerity measure like taking money from our savings accounts...but I suppose that's normal and the only reason I started this thread was some sick form of attention seeking.

Australia's oil wealth belongs to any entity with the power to take it....as long as they pay for the wholes? and that it's kind of silly of me not to realize this?

We are so mind wiped, everyone wants to think they know it all and argue about petty points, good information doesn't get spread because people can't bare to admit someone other than them has important information on the important topics. So we're always missing the obvious, that the whole thing is a scam from the get-go and it's a scam that dramatically effects our potential quality of life in this country.

anyway, I wanted to tack my thoughts about the state controlled media on to this thread as well;

I didn't really want to specifically blame the gov in my posts but that's a good start, the media is the biggest culprit in this whole scam. Without the media lying and manipulating and destroying logical thought the gov wouldn't be anywhere near as able to raise the kind of hell they do (in any country)

it's a scam that saw most of the boys in public schools a few weeks back get fucking Gardasil shots...whilst countries world wide are banning it because it causes sterility and cancer and autoimmune disease etc. The media allowed that to happen to us because Gardasil being banned in other countries was censored from our news. That was a very potent and cruel move against the Australian people by the media and a lot of kids are gonna suffer because of it. That is some serious evil but these people are more interested in wining intelectual points and saving face rather than take a risk and call out the establishment for genocide.

water fluoridation couldn't happen without complete state ownership of media (either covert state ownership or the ABC)

it's a scam that will probably see many bbq'd in syria.

it's a scam that couldn't work without the media.

I always find it mind boggling to hear the sweet innocent local regional ABC journalists spewing out the most vile, child torturing propaganda...like, who are these people. I am sure many of you heard the major news and currant affairs shows try to tell their audience's repeatedly that only stupid selfish parents, scared of needles are causing the vaccination rates to be lower than what these bad guys want.

Edited August 31, 2013 by Sonny Jim

[ThunderIdeal]

well before you decide that i'm going against you, i posted this shale oil story here a month or two ago specifically to ask whether anybody had heard the (relatively old) piece of news or what their experience of the story in the media was, i'm also with you on the other topics mentioned although i haven't heard about those school vaccinations.

i thought maybe it wasn't obvious to everybody that without companies investing in mineral exploration, sinking wells, building pipelines and processing plants and employing australians, the mineral wealth sits in the ground undiscovered or untouched and doesn't increase our current wealth.

the Linc deposits might be a game-changer here, i suspect not many people know how it's going to pan out, but if and when the projects kick in there will be more australian jobs, and when the wells are producing years from now there will be tax revenue, maybe vast amounts of tax revenue.

remember that as this story develops and becomes widely discussed, there is going to be a lot of ruckus from environmentalists.

[Sonny Jim]

sorry, i just thought you were giving some kind of know-it-all response to be dismissive.