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Australia Seeks Partners to Develop Massive Trillions Worth Oil Find

By: International Business Times
Posted: 1/23/2013 10:46:00 PM
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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.

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