Australia Seeks Partners to Develop Massive Trillions Worth Oil Find

  @ibtimesau on January 24 2013 2:46 PM

Australia, known for its huge minerals and metals resources, is seeking partners to develop the massive shale oil, believed to be worth more than $20 trillion, that one of its miners discovered in South Australia, which could essentially propel the country Down Under to become one of the most important global players in the oil sector.

Linc Energy Ltd. of Brisbane which announced the discovery on Wednesday, said the shale oil potential in the Arckaringa basin in South Australia ranges from 3.5 billion to 233 billion barrels of oil. Maybe even more, according to Peter Bond, chief executive of Linc Energy Ltd.

"We are keen to work with both international and local partners, especially Asian partners," Mr Bond said. 

The oil discovery, Mr Bond said, was confirmed by two separate independent reports. He noted that both reports indicated the formations at the Stuart Range as well as those at the Boorthanna and Pre-Permian were found "rich in oil and gas prone kerogen."

"These conclusions presented by Gustavson and D&M are consistent with our view that formations within the Arckaringa Basin have excellent resource play potential with total organic carbon levels, permeability, porosity and thickness that compare favorably to prolific U.S. plays such as the Bakken and Eagle Ford," Linc said in its disclosure.

"The estimates provide strong encouragement that the balance of the basin may also be prospective for conventional hydrocarbon deposits and suggests that additional work on conventional resource potential is justified," Linc added.

The main bottomline, according to Mr Bond, "this has the potential to turn Australia from an oil importer to an oil exporter."

The company said it has employed the services of Barclays bank to help it find an investment partner to further develop the project.

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