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(Telegraph)   Billions of gallons of oil found in the Outback, or just enough to fry 3 blooming onions   (telegraph.co.uk) divider line 34
    More: Interesting, shale oil, outbacks, Bakken, countries by oil exports, BHP Billiton, Eagle Ford, oil producers, crude oil  
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2329 clicks; posted to Business » on 25 Jan 2013 at 9:41 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-25 09:59:01 AM  
We (in the USA) need to take notice of the violent and oppressive government of Austria and liberate their oil ASAP. I only wonder why we didn't do this when we were wrestling Hitler in WW2 - we were practically already there!
 
2013-01-25 10:03:21 AM  
Anyone who uses the phrase "new Saudi Arabia" to describe any shale oil deposit should be roundly ridiculed.
 
2013-01-25 10:03:53 AM  

eKonk: We (in the USA) need to take notice of the violent and oppressive government of Austria and liberate their oil ASAP. I only wonder why we didn't do this when we were wrestling Hitler in WW2 - we were practically already there!


Because FDR was a secret communist who was trying to sell us out to Stalin.

/Duh.
 
2013-01-25 10:08:33 AM  
My friend just started working for BHP and was pretty sure he'd never be drilling in Australia.  Hey, Dave, about that...
 
2013-01-25 10:15:43 AM  
So peak oil then?
 
2013-01-25 10:18:42 AM  

NowhereMon: So peak oil then?


Yes. Remember, peak oil occurs when half of the oil that will eventually be able to be harvested has been extracted. One of the expected hallmarks of peak oil is that the largest sweet crude fields begin to decline and are replaced by heavy crude deposits such as shale oil and tar sands, which are as big as the sweet crude deposits but cannot be extracted as quickly.
 
2013-01-25 10:21:21 AM  
I still havent forgiven them for my booting. Im going to join the invasion force!
 
2013-01-25 10:25:48 AM  
I guess that puts this guy out of a job.
media.theiapolis.com
 
2013-01-25 10:31:42 AM  
cause Australia needed on more thing that will kill us all!
 
2013-01-25 10:36:11 AM  
so, wait, white christian english speaking oil? where do i sign up?
 
2013-01-25 11:51:17 AM  
Fark Geologists: why is oil typically in shiatty desert regions of the world?
 
2013-01-25 12:16:50 PM  

stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?


God is testing us.
 
2013-01-25 12:34:08 PM  
As if Australia's political bickering with the Aborigines wasn't f*cked up enough already...
 
2013-01-25 12:34:31 PM  

NowhereMon: So peak oil then?


mhmm

http://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserve s

so peak oil been disproved (or pushed down the road 10-50 years).
we are not close to running out. we just needed reasons to start looking harder and new tech.

Julian Simon predicted this.
 
2013-01-25 12:37:59 PM  

namatad: NowhereMon: So peak oil then?

mhmm

http://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserve s

so peak oil been  disproved (or pushed down the road 10-50 years).
we are not close to running out. we just needed reasons to start looking harder and new tech.

Julian Simon predicted this.


Think about this.
 
2013-01-25 12:42:46 PM  

stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?


http://oilandgas-investments.com/2010/investing/the-paris-basin-oil- sh ale-play/
estimated 96 billion barrels
 
2013-01-25 12:51:10 PM  

Lord Dimwit: namatad: NowhereMon: So peak oil then?

mhmm

http://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserve s

so peak oil been  disproved (or pushed down the road 10-50 years).
we are not close to running out. we just needed reasons to start looking harder and new tech.

Julian Simon predicted this.

Think about this.


I was being insanely conservative with 10. No one wants to believe 50, let alone 100 or 200.
Hubbert's Peak Oil (and I read the original book, which is an amazing read and pretty solid science) excluded the possibility of massive deep water finds, fraking, oil sands and shales, and any other new tech.  Simon predicted that any time a resource became scarce, there would be investment in new tech, new exploration, and replace tech research.

We are seeing all of those things at once.
People have been forecasting the end of oil since day one. Instead, we continue to extend that end.

So yes, I stand by my wishy-washy "disproved 10-50 years".
Every 10 years, the same people will be back, making the same prediction that they have made every year. WE ARE RUNNING OUT!!!

Want to make a bet that we have more proven reserves 10 years from now than we have today?
 
2013-01-25 12:51:13 PM  

SacriliciousBeerSwiller: As if Australia's political bickering with the Aborigines wasn't f*cked up enough already...


It's going to be interesting to see what wealthy abos buy.
 
2013-01-25 01:05:15 PM  

namatad: stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?

http://oilandgas-investments.com/2010/investing/the-paris-basin-oil- sh ale-play/
estimated 96 billion barrels


Out of the shiatty desert and into the shiatty french?
 
2013-01-25 01:22:19 PM  
Coober Pedy? Coober Pedy.
 
2013-01-25 01:42:15 PM  

AcneVulgaris: SacriliciousBeerSwiller: As if Australia's political bickering with the Aborigines wasn't f*cked up enough already...

It's going to be interesting to see what wealthy abos buy.


A giant statue that says "FARK YOU WHITEY!" ?
 
2013-01-25 02:37:29 PM  

AcneVulgaris: SacriliciousBeerSwiller: As if Australia's political bickering with the Aborigines wasn't f*cked up enough already...

It's going to be interesting to see what wealthy abos buy.


Jeans
 
2013-01-25 02:44:06 PM  

stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?


Because of the way the movement of tectonic plates rearranged the continents over time. Petroleum forms where organic matter accumulates faster than it decomposes and, under the right conditions (tropical climate or certain warm ocean basins), eventually gets buried within layers of porous rock after millions of years. During that time it moves around with the tectonic plate it's a part of.

Most of the world's coal was formed during the Carboniferous in areas that were lush rainforests or rich tropical seas. Those areas have since moved to to where we now find coal.

Pretty sure I've got that right.
 
2013-01-25 02:48:36 PM  
 
2013-01-25 03:09:08 PM  

stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?


Because we extracted most of the farking oil from all the nice spots like Pennsylvania, Illinois, and Texas.
 
2013-01-25 04:14:23 PM  

namatad: NowhereMon: So peak oil then?

mhmm

http://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserve s

so peak oil been disproved (or pushed down the road 10-50 years).
we are not close to running out. we just needed reasons to start looking harder and new tech.

Julian Simon predicted this.


You don't have any idea what peak oil is, and yet you keep talking.
 
2013-01-25 04:15:39 PM  

namatad: Lord Dimwit: namatad: NowhereMon: So peak oil then?

mhmm

http://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserve s

so peak oil been  disproved (or pushed down the road 10-50 years).
we are not close to running out. we just needed reasons to start looking harder and new tech.

Julian Simon predicted this.

Think about this.

I was being insanely conservative with 10. No one wants to believe 50, let alone 100 or 200.
Hubbert's Peak Oil (and I read the original book, which is an amazing read and pretty solid science) excluded the possibility of massive deep water finds, fraking, oil sands and shales, and any other new tech.  Simon predicted that any time a resource became scarce, there would be investment in new tech, new exploration, and replace tech research.

We are seeing all of those things at once.
People have been forecasting the end of oil since day one. Instead, we continue to extend that end.

So yes, I stand by my wishy-washy "disproved 10-50 years".
Every 10 years, the same people will be back, making the same prediction that they have made every year. WE ARE RUNNING OUT!!!

Want to make a bet that we have more proven reserves 10 years from now than we have today?


So how much a premium are we paying per barrel of oil because of the traders' conventional wisdom about peak oil?
 
2013-01-25 04:38:57 PM  

Cybernetic: Because FDR was a secret communist who was trying to sell us out to Stalin.

/Duh.



Not gettin all derpy, just pointing out that there's nothing secret about it if one of the guy's biggest successes was Social Security.
 
2013-01-25 04:43:32 PM  
Damn you subby, now you have me thinking about fighting the wintry elements and having dinner tonight at Outback.

/Shakes hungry fist
 
2013-01-25 05:37:09 PM  

moos: Cybernetic: Because FDR was a secret communist who was trying to sell us out to Stalin.

/Duh.


Not gettin all derpy, just pointing out that there's nothing secret about it if one of the guy's biggest successes was Social Security.


No, you went all derpy.
 
2013-01-25 09:43:34 PM  

NowhereMon: So how much a premium are we paying per barrel of oil because of the traders' conventional wisdom about peak oil?


you mean the run up in futures trading in 2007?
or the massive profits which the oil companies are making?
Exxon profits are in the range of $10-20 per barrel. Not saying that they shouldnt be able to make money. Just saying that part of why prices are so high is that profits are that high.

/why havent we all purchased exxon stocks? the dividends alone are quite nice.
 
2013-01-26 06:51:14 AM  
So, am I correct to assume gas prices will rise on this news?
 
2013-01-26 07:35:30 AM  
Fracking, in one of the drier places on Earth. I'd be interested to know how much of their development costs involves finding a way to bring water in.

SacriliciousBeerSwiller: As if Australia's political bickering with the Aborigines wasn't f*cked up enough already...


Oh boy, this.
 
2013-01-26 12:36:48 PM  

stuhayes2010: Fark Geologists: why is oil typically in shiatty desert regions of the world?


It's a little known fact that oil is created not by decaying matter or abiogenesis, but by arid heat and religious intolerance.
 
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