Oil discovery in outback means big things for industry
Posted Jan 25, 2013 6:56 am.
This article is more than 5 years old.
An oil discovery in the Australian Outback could change the face of the world’s oil industry.
Up to 233-billion barrels of oil have been discovered in central Australia by company Linc Energy; a find that could be worth trillions of dollars.
Chief Executive Peter Bond says the shale oil will have to be extracted by hydraulic fracking.
Bond tells The Calgary Herald, the find could make Australia one of the world’s biggest oil exporters.
But first, officials must determine whether the reserves can be profitably tapped.
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