Australia to Join Energy Independence Club?
The U.S. is using new shale-oil finds to work toward energy independence, and so could Australia. The resource-rich country down under could achieve self-sufficiency in oil, if Brisbane-based Linc Energy’s recent reserve estimates come anywhere close to fruition.
The Australian energy firm released consultant-compiled estimates of prospective shale reserves in South Australia late Wednesday, prompting speculation — notably in the Adelaide Advertiser — that it could be sitting on as much as $20 trillion worth of oil.
The highest estimate of the potential reserves would eclipse all the oil in Australia, the regional Australian newspaper quoted Linc Chief Executive Peter Bond as saying. Such a discovery could bring Australia back to oil self-sufficiency, Bond went on to say, according to the Advertiser report.
Linc’s shares spiraled 29.2% higher in Sydney afternoon trading Thursday after the firm released the two estimates of unrisked prospective resource reserves in the Arckaringa Basin.
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