Joined: Apr 05, 2005 Posts: 1628 Location: Springsteen Country (NJ)
Posted: Tue Jun 10, 2008 10:34 pm Post subject: Re: Australia only 1/4 explored, says industry report
OilFinder2 wrote:
joewp wrote:
You remind me of the knife I use to scrape the last bit out of the peanut butter jar.
You realize that's what you're doing, right?
How do you know? What if they find another Ghawar somewhere in one of these unexplored basins?
Yeah, and Big Brown could still win the Triple Crown.
What odds do you think that oil prospectors missed another Ghawar in the last 50 years?
And even if there is another Ghawar out there, 5mb/d isn't going to make all that much difference in the long run. _________________ Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
Joined: Mar 26, 2008 Posts: 1157 Location: Seattle
Posted: Tue Jun 10, 2008 10:44 pm Post subject: Re: Australia only 1/4 explored, says industry report
joewp wrote:
Yeah, and Big Brown could still win the Triple Crown.
What odds do you think that oil prospectors missed another Ghawar in the last 50 years?
And even if there is another Ghawar out there, 5mb/d isn't going to make all that much difference in the long run.
If you read the links I gave at the outset of this thread, you'd understand how and why Australia is so vastly unexplored. There are entire sedimentary basins there that prospectors have barely looked at, even though these basins have great potential.
There might not be another Ghawar (which is an outlyer anyway), but who knows, they might uncover a lot. Since no one has really looked very hard here, nobody really knows.
No matter what amount is discovered or produced, peakers always say, "It won't make any difference", so I'm not surprised you'd say that. If they found a 500-billion-barrel oil deposit somewhere in Western Australia and began pumping out 9 million bpd within 10 years, you'd still say "Oh that won't make any difference." _________________ Abundance - what a concept!
Joined: Apr 06, 2006 Posts: 3382 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Wed Jun 11, 2008 8:33 am Post subject: Re: Australia only 1/4 explored, says industry report
OilFinder2 wrote:
If they found a 500-billion-barrel oil deposit somewhere in Western Australia and began pumping out 9 million bpd within 10 years, you'd still say "Oh that won't make any difference."
A field five times the size of Ghawar isn't going to show up in basement rock.
Nice docs. Indonesia used to be largely a solid land mass connected with Aus when the sea level was lower; there were ancient rivers that got flooded at the onset of the Holocene (and other interglacials), might be some nice fields out there at ancient delta sites etc.
They'll give anything to have a tankful of the precious juice!
_________________ Cogito, ergo non satis bibivi
I will not abide another toe.
Posted: Wed Jun 11, 2008 4:57 pm Post subject: Re: Australia only 1/4 explored, says industry report
joewp wrote:
What odds do you think that oil prospectors missed another Ghawar in the last 50 years?
And even if there is another Ghawar out there, 5mb/d isn't going to make all that much difference in the long run.
The idea that we have uncovered the world's largest oil fields is false. The idea that we have uncovered most of the world's largest oil fields is true. The odds of finding Ghawar is still the same for finding another Ghawar. The odds are very small. The best chance right now is in Brazil due to their high success rate in finding mega fields. Will another Brazil appear? May be in Arctic. Australia is not known to be a place where we can discover a field like Ghawar.
If we can find another Ghawar, it means we will have a softer landing than when we do not find one. Oil will peak and go down that is a fact that no one should be arguing against.
Joined: Dec 27, 2004 Posts: 12529 Location: zombie horde wonderland
Posted: Wed Jun 11, 2008 5:01 pm Post subject: Re: Australia only 1/4 explored, says industry report
nth wrote:
If we can find another Ghawar, it means we will have a softer landing than when we do not find one.
Really? How's that? It seems to me if we can find another Ghawar, people will just go on as they are doing now, grow the population even more, and crash even harder later on. Please explain how finding another giant oil field now will make the landing softer. _________________ No original ideas are contained in this post.
Joined: Apr 06, 2006 Posts: 3382 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Wed Jun 11, 2008 5:10 pm Post subject: Re: Australia only 1/4 explored, says industry report
Gentler downslope, like Prudhoe Bay did for the US. Doesn't change the general downward trajectory.
If we're declining now we could find another Ghawar tomorrow and it wouldn't bring us back up (due to delay in starting production); might put us on a plateau once it ramped up.
So, not to worry! _________________ Cogito, ergo non satis bibivi
I will not abide another toe.
Joined: Dec 27, 2004 Posts: 12529 Location: zombie horde wonderland
Posted: Wed Jun 11, 2008 5:14 pm Post subject: Re: Australia only 1/4 explored, says industry report
TheDude wrote:
Gentler downslope, like Prudhoe Bay did for the US.
Did the discovery of Prudhoe Bay enable the US to transition to an economy not based on growth, or did it enable the US to continue on the path they were already on?
Seems the US just kept going along as before, using more and more energy. Why would another Ghawar make things different? _________________ No original ideas are contained in this post.
Joined: Apr 06, 2006 Posts: 3382 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Wed Jun 11, 2008 7:16 pm Post subject: Re: Australia only 1/4 explored, says industry report
Prudhoe Bay was just part of a worldwide oil glut that drove down the price, eventually driving away any interest in unconventional oil/alternative fuels, never mind transitioning to a steady state economy. US hit its 2nd peak in '86 when Prudhoe began to decline, importing more all the while, eventually building our lower MPG fleet. The absence of that glut will dictate things in the future, for better or worse. I don't know how we'll undergo a global transformation of meme to living wholly within our means; I'd like to imagine a shock profound enough to instill a lasting memory of how far off track we went, but don't hold much hope of that happening, sans...philosopher-kings? _________________ Cogito, ergo non satis bibivi
I will not abide another toe.
I took screenshots of the maps in the technical document put them online.
Quote:
Dr Powell said the most likely oil rich areas included the Arafura Sea in northern Australia, the remote eastern frontier regions such as the Faust, Capel and Fairway basins of the Lord Howe Rise and the continental shelf area south of Tasmania, the South Tasman Rise.
Here's the offshore map. Some of the ones mentioned are already highlighted. The others are easy to find on the map anyway.
Quote:
Onshore, they include the lower Paleozoic basins of central Australia such as the Canning, Georgina, Warburton and Darling basins - which have geological similarities to oil-rich basins in North America
These I outlined in red
Quote:
- and the Gunnedah, Pedirka and Simpson basins.
These I outlined in blue.
Interestingly, the Tasmanian Basin, which I linked in the article above as being prospective, isn't even on this other guy's list. _________________ Abundance - what a concept!
Joined: Apr 06, 2006 Posts: 3382 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Thu Jun 12, 2008 5:54 am Post subject: Re: Australia only 1/4 explored, says industry report
Oh yeah, I know W Aus isn't all granite, just that large sections of it are. Looked at the technical doc a bit.
Is Alice Springs in the Pedirka Basin area? I'm still curious about that stripper well/teapot refinery in Mad Max 2. _________________ Cogito, ergo non satis bibivi
I will not abide another toe.
Coastline close to Mount Gambier near the state border has been described as having potential to be the next major hydrocarbon province in the southern margins of Australia.
Addressing the second day in Melbourne of the inaugural Paydirt 2008 Victoria Resources Conference on Tuesday, Essential Petroleum Resources Ltd’s managing director John Remfry said the Discovery Bay High in the Otway Basin has potential to host two trillion cubic feet of gas resource and up to two billion barrels of oil.
Posted: Mon Sep 01, 2008 2:57 pm Post subject: Re: Australia only 1/4 explored, says industry report
Something here.
Shareholders at BG Group, Britain's third-largest oil and gas producer, have warned the company not to overpay in its bid for Australian counterpart Origin Energy, over fears that the deal may not be as profitable as first thought.
The warning comes after Origin's managing director, Grant King, launched a formal defence against the A$13.8bn (£6.4bn) takeover last week, as the battle for the company erupted into a war of words.
Posted: Mon Sep 01, 2008 5:25 pm Post subject: Re: Australia only 1/4 explored, says industry report
I cannot talk about geology but here in Australia everything is mining, Universities are full of mining, most of the engineers do mining, so many people working there that I really cannot imagine that if there would be huge finds that they would not have explored it yet.
Sure there will be some findings, hopefully not that much that we draw too much international attention on us.
Coastline close to Mount Gambier near the state border has been described as having potential to be the next major hydrocarbon province in the southern margins of Australia.
Addressing the second day in Melbourne of the inaugural Paydirt 2008 Victoria Resources Conference on Tuesday, Essential Petroleum Resources Ltd’s managing director John Remfry said the Discovery Bay High in the Otway Basin has potential to host two trillion cubic feet of gas resource and up to two billion barrels of oil.
And here's their PDF on this basin (1.7mb):
--> LINK <--
In one of the wells in this area, looks like they found gas, but no oil:
--> PDF news release <--
Better than nothing I s'pose. _________________ Abundance - what a concept!
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