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South Australia could strike it rich after massive oil find
New oil extraction technology could help unearth more than $20-trillion worth of oil from South Australia's Coober Pedy region.
Brisbane company Linc Energy says it's believes up to 230-billion barrels of oil could be underground which would be enough to make Australia a self sufficient oil producer.
Reporter Cameron England from the Adelaide Advertiser says it's a significant development.
"They've known that there has been oil there for quite some time but it hasn't been what they call 'economic', it hasn't been easy to get out" he told Ross and John.
MAP: Coober Pedy, South Australia
The Americans and British will take the "lions" share of the profits because our govt. will say they invested in it. We have tens of billions of dollars in Superannuation lets use that to keep the oil field in Australians ownership.
I am sick off seeing this country being sold off to foreigners!Bob the Aussie Sunday 27 January, 2013 - 10:38 PM
The South Australian Government will give this away like they always do and make nothing for the State.
When Tom Playford was Premier South Australia benifited and grew from projects.
Government fails to see the reserve is owned by the people of S.A. and all work and infrastructure should be implemented in S.A. all processing the same.
But what will happen the big multi Nationals will come in and tell Government what they want and how many tax payer dollars they require and all the benifits go offshore.
Look at Rann and that bike rider who the State paid big bucks to, I can remember seeing a Premier acting like an excited puppy running around the legs of Armstrong and now made a fool off.
The Government should learn a lesson from that and next time show these people who owns the deposit and what is expected to mine it so the state and the people benifit.jc Saturday 26 January, 2013 - 8:26 PM
OK you lot; It has yet to be established whether or not the field is able to be developed with today's technology; the size of the field; if it is economically viable; and if it is, when. There are more things the company must consider: These include Labor's unfriendly "Green" policies, Taxes on mining and petroleum production, The potential for Australia to be run by a competent Government, etc.David T. Saturday 26 January, 2013 - 6:48 PM
Seriously there whats the big deal - USA will want a cut and will scare our government into believing we will be invaded by China. The UK will claim we are under their Crown and will take a cut. The oil company and mining companies will take their share, not to mention the investors (the Rich). Prices of Oil will rise and we will still be working hard to make ends meat. Who Cares I say...KRIS Saturday 26 January, 2013 - 4:40 PM
Presserve it for future generations. BARJOJosip Barbir Saturday 26 January, 2013 - 11:28 AM
Caltex is closing its refineries and importing petrol from Singapore. Good chance for Australia to refine its own.
This will postpone the coming electric car (severely overpriced) and the foreign takeover of our power stations.
Maybe we can own something that benefits Australia for a change. Ban foreign investment in it.Fred Pointyup Saturday 26 January, 2013 - 9:47 AM