[MCBR]

http://mobile.news.com.au/business/c...-1226560401043

SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.

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.

[kellyhound]

great, more pollution.

[pbaj12]

[Darkest Angel]

Australia, this be very good for your economy & very bad for your ecosystem. What are your feelings??

[xstunt1ngx]

Wow, looks like im going to SA for work.

[fenek]

Lets do the right thing for once. Instead of invading them to steal their oil, we should invade them to steal their unique wildlife. Or invade them to protect their wildlife? I don't know. Not stealing seems a bit too counterintuitive. Either way, lets make sure they don't murder their ecosystem for something thats bad for the world

[Insideoutbodies]

oh they are bound to fuck up some where along the line..

[InbredMidget]

And they'll probably raise our petrol prices instead of reduce them.

[carkees]

Congrats, Australia!

[thorny007]

Waits for america to invade us for suspected weapons of mass destruction.