Peak oil dead? Massive oil field discovered in southern Australia

Today, 06:31 PM	? #1
Platinum Member ? Join Date: Jan 2006 Location: Oregon Posts: 2,130	http://www.abc.net.au/news/2013-01-2...ack-sa/4481982 233 billion barrels estimated trapped in a massive shale deposit. 233 billion barrels is comparable with Saudi Arabia, would make Australia one of the largest oil exporters on the planet and is estimated to be worth $20 trillion. I really hope it goes well. Congrats Australia, I think this offsets your chlamydia ridden koalas and man eating wildlife in the worlds eyes. __________________ -11 Last edited by Agent11; Today at 07:33 PM.
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Today, 06:35 PM	? #2
Diamond Member ? Join Date: Sep 2003 Posts: 6,744	Does that mean competition will cause oil prices to drop?? Ha, what am I saying.
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Today, 06:37 PM	? #3
Diamond Member ? Join Date: Jun 2008 Posts: 3,993	OAF? Operation Australian Freedom...
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Today, 06:46 PM	? #4
Lifer ? Join Date: Nov 1999 Posts: 12,402	Quote: OAF? Operation Australian Freedom... Well, they did attack us on 9-11. So we now gotta go give them freedoms. MERICA!!!!! __________________ "Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth." "brevity is the soul of wit." schadenfreude is magically delicious
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Today, 06:53 PM	? #5
Administrator Discussion Club Moderator Elite Member ? Join Date: Oct 2000 Posts: 40,529	Shale oil is not cheap to get out of the ground __________________ F15 Air Superiority Fighter - Never has one been lost in aerial combat (104 kills)
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Today, 06:58 PM	? #6
Diamond Member ? Join Date: Jan 2010 Location: Richmond, TX Posts: 9,230	Looks like there will be money to be made by American manufacturers of gas turbines, compressor, separators, and other equipment related to the oil industry.
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Today, 07:12 PM	? #7
Diamond Member ? Join Date: Mar 2003 Posts: 3,136	Is their peak oil? yes. do we know what that peak is? not yet That doesn't mean oil will be cheap. It just means were not running out anytime soon. __________________ so many pc's so little space
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Today, 07:12 PM	? #8
Diamond Member ? Join Date: Mar 2003 Posts: 3,136	Quote: Shale oil is not cheap to get out of the ground especially in a semi screwed up country like aust. __________________ so many pc's so little space
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Today, 07:12 PM	? #9
Diamond Member ? Join Date: Apr 2007 Posts: 9,029	Shave the progressives throw a fit every time we want to develop our own resources here in America.
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Today, 07:39 PM	? #10
Lifer ? Join Date: Jul 2001 Posts: 16,126	peak oil is a eco-KOOK hoax along with all the other ritualistic eco-CRAP. __________________ "Under my plan, energy prices would naturally skyrocket" - Barrack Hussein Obama. gas was $1.84 a gallon prior to obama inauguration. The price of ALL goods and services (food) are tied to the price of transportation energy.
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Today, 07:51 PM	? #11
Lifer ? Join Date: Jun 2004 Posts: 15,034	Quote: Shave the progressives throw a fit every time we want to develop our own resources here in America. Australia has their own anti energy extremists. The warmist cult is global. __________________ ?He who controls the past controls the future. He who controls the present controls the past.? ? George Orwell, 1984
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Today, 07:53 PM	? #12
Diamond Member ? Join Date: Nov 2003 Location: Southerner 4ever!!! Posts: 8,809	It is not easy to get out of the ground. It is very costly plus you need a lot of experience plus water to get oil/gas out of the shale. We are having problem with water down here for the Barnett (TX) and Haynesville (LA) shales. Quote: it could cost up to $300 million to prepare the site for production. "We've got something in excess of a billion-dollar market cap... but the issue here isn't just capital. It's the expertise to unlock the acreage as well," he said. Shale oil is more costly to extract and more controversial than conventional crude and involves fracking, in which water is pumped in to break up the shale. Australia government is planning to have carbon tax for oil/gas and mining companies. __________________ * Forgive is for suckers. Payback with extreme prejudice plus interest. * Relentless pursuit of a more perfect perfection. * Golden Rule = Treat others as others treat you, don't take craps from anyone. * I ain't looking for trouble, but if trouble comes knocking, I will be ready, willing, and able for some rocking. Last edited by Svnla; Today at 08:10 PM.
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Today, 08:07 PM	? #13
Senior Member ? Join Date: Sep 2000 Posts: 381	Quote: peak oil is a eco-KOOK hoax along with all the other ritualistic eco-CRAP. Is that why world oil production has been on a plateau since the mid 2000's despite a record investment in exploration and number of wells being drilled? It doesn't really matter whether you're an 'eco-kook' or not(god forbid someone actually cares). Oil will become more and more expensive as it gets harder to remove from the ground. Last edited by Franz316; Today at 08:11 PM.
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Today, 08:12 PM	? #14
Diamond Member ? Join Date: Nov 2003 Posts: 8,180	Quote: Is that why world oil production has been on a plateau since the mid 2000's despite a record investment in exploration and number of wells being drilled? It doesn't really matter whether you're an 'eco-kook' or not(god forbid someone actually cares). Oil will become more and more expensive as it gets harder to remove from the ground. Some people want to believe all oil is the same.
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Today, 08:21 PM	? #15
Diamond Member ? Join Date: Jan 2009 Posts: 3,548	I think I read somewhere that it is virtually impossible for oil to ever go above about $175 a barrel for any extended time because that's the price point of extracting oil from coal. __________________ Quote: Originally posted by: Kromis Actually finish Baldur's Gate 2. I haven't even gotten out of jail yet!
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Today, 08:23 PM	? #16
Lifer ? Join Date: May 2001 Location: Bay Area, CA Posts: 11,755	Quote: Does that mean competition will cause oil prices to drop?? Ha, what am I saying. Maybe not competition right now, but won't it help speculators which control the price? __________________ "This action has caused a division of the people into classes: Those the government deems valuable enough to protect with modern firearms, and those whose lives have been deemed as having less value, and whom the government has decided do not deserve the right to protect themselves with the same firearms." Olympic Arms > NY "I saw a movie once where only the police and military had guns; it was called Schindler's List"
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Today, 08:45 PM	? #17
Senior Member ? Join Date: Mar 2013 Posts: 398	Quote: Shave the progressives throw a fit every time we want to develop our own resources here in America. I've said it once and I will say it again. Those resources aren't going anywhere. Lets use up other countries resources first and keep our powder dry. When they run out, we will still have plenty for ourselves. I can't think of any benefit to us burning through ours as fast as we can. This is a NON-renewable resource. When its used, it is gone forever. There is absolutely no logical reason to use our first when others will let us use theirs. The real race is to find a sustainable resource that can replace oil/coal before we run out of them.
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Today, 08:54 PM	? #18
Lifer ? Join Date: Jul 2001 Location: Toronto, ON Posts: 27,033	As has already been mentioned, shale oil is very expensive and energy intensive to extract and refine. Also, I believe we hit peak oil just after 1990. Peak conventional (read: stick a straw in the ground) oil anyways. Since then conventional oil production has dropped, but overall production is up as we have turned to more exotic sources.
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Today, 10:01 PM	? #19
Diamond Member ? Join Date: Jan 2000 Posts: 4,428	Nah conventional peak was 2005-2008 in there somewhere As for Aus? theirs was a while ago "The Wall Street Journal noted that oil production in Australia has been falling in recent years ? last year, the country produced 484,000 barrels a day, a 14.5 percent decline from the prior year -- the lowest level in 30 years, as conventional oilfields became depleted. Meanwhile oil consumption climbed by 5.7 percent." Shale oil , tar sands are kerogen and bitumen not oil. Peak oil isn't dead its happened and what we are seeing are the ramifications, that being substitutes by biofuels, gas to liquids and these expensive oil like alternatives http://www.washingtonpost.com/blogs/...-chris-nelder/ Chris Nelder: There has always been a lot of confusion about this point. Peak oil was never about ?running out of oil.? The only people who characterized it that way either didn?t know what they were talking about or were trying to confuse the issue. Peak oil has always referred to the production rate of oil ? it?s about finding the point where that production rate peaks.
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