Claims of Australia's biggest oil discovery in 30 years
Angela Macdonald-Smith

MELBOURCE: -- US oil and gas player Apache has made what is being heralded as the country's largest oil discovery in the last 30 years, and the first in the offshore part of Western Australia's Canning Basin.

Shares in Australian company Carnarvon Petroleum, a junior partner in the venture, instantly more than doubled on the news.

Apache's executive vice president and chief operating officer for the international business, Thomas Voytovich, described the result as "exciting", while cautioning that the results were still in the early stage of evaluation.

Even so, he said the qualities of the reservoir found "point to a commercial discovery".

The Phoenix South-1 well found oil in at least four different sections of the hole, and testing has shown the reservoir to be productive, with potentially up to 300 million barrels of oil in place, Apache reported on Monday.

Full story: http://www.theage.com.au/business/mining-and-resources/claims-of-australias-biggest-oil-discovery-in-30-years-20140818-1059vv.html


-- The Age 2014-08-18

According to many posters on this forum...this harbors the prospects of a US invasion of Australia.

Seriously speaking, this also harbors good news for the Australian economy and people.

Thanks for posting this article. Chucked 1500 bucks in at 0.203.

And PTTEP Australia gets nothing?

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

If Australia owns it now and they are true to form, they will sell it and only collect royalty like they've done with almost everything else.

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

If you could fuel the entire world's energy needs in 3 days, you can live for an eternity on that money alone. Go ahead and take 30 dollars from everyone in this planet.

So yes, that is a lot already. Not to mention there are hundreds other reservoirs fueling the world. If that new found reservoir alone depletes 5% per year, you get 20 years on that.

According to many posters on this forum...this harbors the prospects of a US invasion of Australia.

Seriously speaking, this also harbors good news for the Australian economy and people.

No way. Any profits from this will be sent in foreign aid to under-developed countries like Thailand. The people of Australia will get nothing except more tax to subsidize foreign investors.

Some background info may be useful.

Oz Aid for Thailand.

In November 2003, the Royal Thai Government expressed its wish to transition from being an aid recipient to being an aid donor. However, there are a number of regional programs in human trafficking, labour rights, health, disaster management and economic integration that include Thailand. Australia also continues to provide limited support to Thailand as part of efforts to strengthen the capacity of regional organisations such as ASEAN and APEC.

In 2012-13, Australia provided $4.5 million to aid organisations in Thailand to assist with displaced people and refugees from Myanmar. Australia provided $1 million and 100,000 sandbags to help Thailand recover from its worst floods in over a decade in 2011. In May 2009, Australia provided an assistance package of $1 million to assist in improving education in southern Thailand, with a focus on science and maths.

Australian foreign aid spending is being cut by $7.6 billion over the next five years.

http://www.abc.net.au/news/2014-05-13/budget-2014-axe-falls-on-foreign-aid-spending/5450844

Oz ceased providing anti terrorism training for Thai security forces when NCOP gained power

Edited August 18, 201411 yr by simple1

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

Really? 300mb ÷ 89mb/day = 3.37 days (worldwide)

I'm not saying the numbers are correct, I am just saying the arithmetic is correct.

Australia will be lucky to get one cent in the dollar out of this US corporation, Frankly our government gives our resources away .

Well they tried to redistribute the wealth, but then we felt sorry for the poor, hard working mining magnates and oligarchs and ended up letting them keep it all. That's what i call "a fair go".

Australia will be lucky to get one cent in the dollar out of this US corporation, Frankly our government gives our resources away .

vote in some better people. Probably this US corporation already bought the exploration rights from the Australian Government. Most likely this is a mere puddle of oil and really not worth drilling for until oil gets to severa hundred dollars per barrel. Apache is wanting to sell up in Australia and spend its money in the USA as it is.

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

Really? 300mb ÷ 89mb/day = 3.37 days (worldwide)

I'm not saying the numbers are correct, I am just saying the arithmetic is correct.

300,000,000,000 divided by 89,000,000 = 3720 so methinks the arithmetic is wrong.

Exactly its adrop in the ocean

In 2014 World consumption will likely increase by 1.4 million barrels a day, or 1.5 percent, this year to a record 92.7 million a day

So a little more then 3days worth -thats the reality of this so called 'BIG" oil finds

Exactly its adrop in the ocean

In 2014 World consumption will likely increase by 1.4 million barrels a day, or 1.5 percent, this year to a record 92.7 million a day

So a little more then 3days worth -thats the reality of this so called 'BIG" oil finds

And how do you arrive at that number?

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

Really? 300mb ÷ 89mb/day = 3.37 days (worldwide)

I'm not saying the numbers are correct, I am just saying the arithmetic is correct.

300,000,000,000 divided by 89,000,000 = 3720 so methinks the arithmetic is wrong.

It is 300 Million Barrels, not 300 Billion. That would be a big find.

Edited August 18, 201411 yr by peterdarby

There's oil in them thar hills

Good Luck

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

Really? 300mb ÷ 89mb/day = 3.37 days (worldwide)

I'm not saying the numbers are correct, I am just saying the arithmetic is correct.

300,000,000,000 divided by 89,000,000 = 3720 so methinks the arithmetic is wrong.

Me thinks you need to remove your socks to calculate it correctly.

My apologies. I did read wrong. 300 million you are correct.

What is it now, about US$100 or just under, a barrel?

So around 300 Billion US$ worth.

Stone the crows.

Be careful, China will claim it owns the water despite it being very far away from Chinese waters and try to force the Aussies out....

What is it now, about US$100 or just under, a barrel?

So around 300 Billion US$ worth.

Stone the crows.

Close, 30 billion US$.

Didn't take me socks off.

Exactly its adrop in the ocean

In 2014 World consumption will likely increase by 1.4 million barrels a day, or 1.5 percent, this year to a record 92.7 million a day

So a little more then 3days worth -thats the reality of this so called 'BIG" oil finds

300 million barrels is a big find these days, especially for a company the size of Apache.

At $100/barrel that equates to revenue of $30 billion if it were all recoverable.

Hardly a drop in the ocean.

If Australia owns it now and they are true to form, they will sell it and only collect royalty like they've done with almost everything else.

Yes,................ " like they've done with almost everything else"

I can not even call those on the top ..Australians.....

Country who have so much "goodies" in the ground should be a dream for own citizens .

But everything is just getting worse ...education employment , retirement , etc.etc just more rules and power to police, cameras are everywhere and for what ??

Just over 20 million good Australian people who are getting screwed every year...

And because they are affraid of saying ....NO......

Young people could not find the work and depressed,

Big deal with oil discovery .....5555

Ordinary citizen will not get any better because of it.

Why I must look for other country to spend my old day if I can not survive on Australian pension and being alone .?

This oil discovery will not help me at all.

After I spent 35 years in this country and paying taxes I must be worry now if I can survive??? and because "Power" wants me now to die quickly.

Yes, America should invade Australia before China does!

When are the Chinese renaming Laos?

According to many posters on this forum...this harbors the prospects of a US invasion of Australia.

Seriously speaking, this also harbors good news for the Australian economy and people.

Australia is already a US lapdog state.

rethaier, on 18 Aug 2014 - 19:45, said:

antsrule, on 18 Aug 2014 - 18:54, said:

rethaier, on 18 Aug 2014 - 18:10, said:

PaulHamon, on 18 Aug 2014 - 18:06, said:

"As of 2011, approximately 89 million barrels of oil and liquid fuels were consumed per day worldwide."

^^ found this on the web, am i miss reading or is this just 3-4 days worth of oil?

Your math is off it is 10 years supply.

Really? 300mb ÷ 89mb/day = 3.37 days (worldwide)

I'm not saying the numbers are correct, I am just saying the arithmetic is correct.

300,000,000,000 divided by 89,000,000 = 3720 so methinks the arithmetic is wrong.

How does 300 million become 300 billion?

Australia is the ninth largest energy producer in the world but would run out of petrol in just three weeks if imports were interrupted. A new report claims Australia's fuel supply is a national security issue. Australia's Fuel Security, commissioned by the NRMA last year (2013), found that Australia imports 91 per cent of its fuel, up from around 60 per cent in 2000 and will be completely dependent on overseas fuel by 2030,

http://www.abc.net.au/radionational/programs/breakfast/fuel-security/5278572