Trillions of dollars worth of oil found in Australian outback
Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia.
“If you took the 233 billion, well, you’re talking Saudi Arabia numbers,” Mr Bond told ABC News.
“It is massive, it is just huge If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it’s one of the key prospective territories in the world at the moment.
“If you stress test it right down and you only took the very sweetest spots in the absolute known areas and you do nothing else, it is about 3.5 billion [barrels] and that’s sort of worse-case scenario.”
Australia is currently believed to have reserves of about 3.9 billion barrels of crude oil – about 0.2 per cent of the world’s total – and produces about 180 million barrels a year.
The latest find, at the lowest estimate, would make Australia a net oil exporter; at the higher estimate, Australia would become one of the world’s biggest oil exporters.