Has anybody seen this, worlds largest oil find

[drivesafe]

Is this fact or or pure internet fiction?

OIL - You better be sitting down when you read this!!!!!!

As you may know, Cruz Construction started a division in North Dakota about 6 months ago.

They sent every Kenworth (9 trucks) we had here in Alaska to North Dakota and several drivers.

They just bought two new Kenworth’s to add to that fleet; one being a Tri-Drive tractor and a new 65 ton lowboy to go with it.

They also bought two new cranes (one crawler and one rubber tired) for that Division.

Dave Cruz said they have moved more rigs in the last 6 months in ND than Cruz Construction moved in Alaska in the last 6 years.

Williston is like a gold rush town; they moved one of our 40 man camps down there since there are no rooms available.

Unemployment in ND is the lowest in the nation at 3.4 percent last I checked.

See anything in the national news about how the oil industry is fueling North Dakota ’s economy?

Here's an astonishing read. Important and verifiable information:

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was a guest.

The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer;

How much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together..."

The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big.

It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota ,

Western South Dakota and extreme eastern Montana .

Check THIS out:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable (5 Billion barrels), at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

"When I first briefed legislators on this, you could practically see Their jaws hit the floor, they had no idea..." says Terry Johnson, the Montana Legislature's
Financial analyst.

"This sizable find is now the highest-producing onshore oil field found In the past 56 years," reports The Pittsburgh Post Gazette.

It's a formation known as the Williston Basin , but is more commonly referred to as the ’Bakken.'

It stretches from Northern Montana, through North Dakota and into Canada .

For years, U. S. Oil exploration has been considered a dead end.

Even the 'Big Oil' companies gave up searching for major oil wells decades ago.

However, a recent technological breakthrough has opened up the Bakker’s massive reserves,

And we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!!!!!!

That's enough crude to fully fuel the American economy for 2,041 years straight.

And if THAT didn't throw you on the floor, then this next one should - because it’s from 2006!!!!!!

U. S. Oil Discovery - Largest Reserve in the World Stanberry Report Online - 4/20/2006 Hidden 1,000 feet Beneath the Surface of the Rocky Mountains lies the Largest untapped oil reserve in the world.

It is more than 2 TRILLION barrels.

On August 8, 2005 President Bush Mandated its extraction.

In three and a half years of high oil prices none has been extracted.

With this motherland of oil why are we still fighting over off-shore Drilling?

They reported this stunning news:

We have more oil inside our borders, than all the other proven reserves On earth.

Here are the official estimates:

8 times as much oil as Saudi Arabia

18 times as much oil as Iraq

21 times as much oil as Kuwait

22 times as much oil as Iran

500 times as much oil as Yemen

and it's all right here in the Western United States !!!!!!

HOW can this BE? HOW can we NOT BE extracting this? Because environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy. WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East, more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price even with this find? Think again! It's all about the competitive marketplace, it has to. Think OPEC just might be funding the environmentalists?

Got your attention yet? Now, while you're thinking about it, do this:

Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices.

By doing NOTHING, you forfeit your right to complain.

Now I just wonder what would happen in this country if every one of you sent this to everyone in your address book.

By the way, this can be verified. Check it out at the link below.
USGS Release: 3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate— (4/10/2008 2:25:36 PM) (http://www.usgs.gov/newsroom/article.asp?ID=1911) ;) >

Cruz Construction:
Cruz Construction, Inc. Alaska | Oil Field Services (http://www.cruzconstruct.com/services.php)




--

[Slunnie]

Hopefully that oil stays in the ground. I doubt the worlds environment will handle its consumption considering pollution since the Industrial Revoluton is already killing it.

[Jonno007]

I believe (and this is my opinion which I am happy to be challenged on) there is oil reserves all over the world like this but if we were to drill into them and start producing more oil than the world needs it would no longer be as profitable to oil companies and the governments because they would have to drop the price of fuel significantly which is the back bone of economies around the world. An oversupply will do more damage to countries environmentally And economically. If America stopped importing oil from other countries then those countries would suffer and likewise if America exported their huge more than they need oil, those buying countries would suffer. Actually I reckon it would all turn to **** and world war 3 would break out.

[JDNSW]

This is correct, although note that the report refers to "technically recoverable" rather than economically recoverable oil. And the $16 per barrel would be suspect. The new technology is not particularly cheap.

However, the USA has, in the last four years or so changed from a large energy importer to a net exporter, largely of gas. This is partly the result of the financial downturn and energy saving, but mainly due to the rise of unconventional oil and gas on the back of new technology and high oil prices. People forget that the amount of availabe oil (or anything else) goes up as the price rises, because it becomes financially viable to produce more expensive stuff - called "supply and demand".

John

[KCJones]

Ah makes me chuckle. There are huge reserves of coal, gas and oil nearly everywhere globally. As stated it all comes down to the amount of money you want to spend getting it, what we call "economically viable deposits"

I have worked on getting coal out of previously uneconomical seams and deposits in many mines across QLD. When the price is right you can have anything you want. Put the price up enough and you could reopen the coal mines on North Wales, 1000m down.

I agree that the oil should stay where it is. Last thing the world needs is an autonomous America....

[incisor]

Last thing the world needs is an autonomous America....

why would that be?

[goingbush]

why would that be?

Gold , love it.

[bob10]

No ones told this mob, check Canada out, Bob

Oil - proved reserves - Country Comparison - Mundi (http://www.google.com.au/url'sa=t&rct=j&q=oil%20and%20gas%20reserves%20by%20country&source=web&cd=4&cad=rja&ved=0CD8QFjAD&url=http%3A%2F%2Fwww.indexmundi.com%2Fg%2Fr.aspx%3 Fv%3D97&ei=GQLvUf6HC4PFkAWE8oHIBw&usg=AFQjCNEJBarDFJcf7ktyZyHXsr-zw0LacA)


Oil - proved reserves - Country Comparison (http://www.indexmundi.com/g/r.aspx?v=97‎)

Cached (http://webcache.googleusercontent.com/search?q=cache:rozqyyz2VJIJ:www.indexmundi.com/g/r.aspx%3Fv%3D97+oil+and+gas+reserves+by+country&cd=4&hl=en&ct=clnk&gl=au)



Mother (Russia) lode: Vast extent of oil, gas reserves revealed for first time. RT - 7/12/2013 2:06:27 PM The country's recoverable oil reserves in the C1 category ...

[bob10]

And then there is this, Bob [ note that if the upper end estimates are correct, the Arckaringa basin will be 6 times larger than the Bakken, 17 times the Marcellus, and 80 times Eagle Ford US shale oil deposits. These are US Government Energy Information administration reports]

Mineral Rich Australia May Contain World’s Next Major Oil Find (http://www.economicvoice.com/mineral-rich-australia-may-contain-worlds-next-major-oil-find/50038698)
The economic choice - 7/23/2013 10:25:49 AM
Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in ...

[Cobber]

When the price is right you can have anything you want.That sums up everything really.

On the plus side, even though we are unlikely to end up with cheap oil at least we can still drive around our beloved motorcars for the rest of our lifetimes! :D

... unless Governments tax the hell out of it, which is likely in some of our lifetimes :mad:

[jx2mad]

Any more news on the oil find in South Australia. It is supposed to be huge and on land. Jim

[Geedublya]

My colleague has invested in an Australian Oil company that has been drilling in the Bakken. Yes there is oil there, however it requires horizontal drilling and fracking to obtain it.
These processes are expensive and time consuming so it is taking a while for these areas to be developed. The drilling rigs are very expensive and in high demand ($30k per day).

[Eevo]

Any more news on the oil find in South Australia. It is supposed to be huge and on land. Jim


shale. economically unviable.

[87County]

shale. economically unviable.

Yes Eevo, it obviously becomes economically viable as there are inevitable increases in demand (& price) and as production techniques improve.

A major part of Canada's reserve (post #8) is in the Atahabasca tar sands where the current production methods use about one barrel of oil for every three produced. This part of the Canadian estimated reserve is automatically reduced by one-third from that quoted.

[drivesafe]

Well I hope it is true as it would do away the USA’s dependancy on the Arabs oil and this has got to be good for everyone.

If the yanks don’t need the Arab oil, they don’t need to have a military presence in the area, and this should reduce the chances of military clashes, regardless of who has been starting them in the past.

With the yanks moving away from the Middle East, it would mean the European governments would have to get off their a!!!holes and start doing their own protecting instead of slagging off at the yanks while the yanks have been protecting Europe’s fuel supplies.

I also hope that with the present attitude in the USA, towards a cleaner environment, as they will now be able to meet their own energy requirements from cheaper internal sources, they will spend the money to make fossil fuel use much cleaner and this will give us all a breathing space ( pun intended ) till fusion energy is available.

It is also good to hear that we have abundance of minerals, minerals that the rising Asian countries will be happy to pay for.

Just hope we get a government with the balls to make the mineral industry here employ more Australians and spend more of the mineral profits on Australian make equipment, instead of importing what they need from overseas.

[JDNSW]

No ones told this mob, check Canada out, Bob

Oil - proved reserves - Country Comparison - Mundi (http://www.google.com.au/url'sa=t&rct=j&q=oil%20and%20gas%20reserves%20by%20country&source=web&cd=4&cad=rja&ved=0CD8QFjAD&url=http%3A%2F%2Fwww.indexmundi.com%2Fg%2Fr.aspx%3 Fv%3D97&ei=GQLvUf6HC4PFkAWE8oHIBw&usg=AFQjCNEJBarDFJcf7ktyZyHXsr-zw0LacA)


Oil - proved reserves - Country Comparison (http://www.indexmundi.com/g/r.aspx?v=97‎)

Cached (http://webcache.googleusercontent.com/search?q=cache:rozqyyz2VJIJ:www.indexmundi.com/g/r.aspx%3Fv%3D97+oil+and+gas+reserves+by+country&cd=4&hl=en&ct=clnk&gl=au)



Mother (Russia) lode: Vast extent of oil, gas reserves revealed for first time. RT - 7/12/2013 2:06:27 PM The country's recoverable oil reserves in the C1 category ...

Unfortunately, reserve figures from most producers are unreliable - not only from the inherent uncertainty of any reserve estimate, but from sloppy controls and, in many cases, deliberate falsification at all levels. This varies from political controls in many countries to individual companies and company departments exaggerating or minimising figures for their own reasons.

And the shale oil reserves simply did not exist three or four years ago, because the technology did not exist, so nobody was even looking!

John

[goingbush]

I say leave it in the ground.

FWIW My opinion is The US oil companies & motor manufacturers have already put back the development of a viable electric vehicle and batteries by decades,

GM and Chevron Oil cooperated to kill the Electric car (http://www.ev1.org/nimhsup.htm)

what about cleaning up the Great Pacific Garbage Patch instead, (twice the size of Texas) set up a plants on a Oil Tankers and process the waste into Diesel

Plastic to Diesel Process,Waste oil and Plastic to Diesel (http://www.globalfinest.com)

[bob10]

so nobody was even looking!

John

Are you sure about that? ;)

[Eevo]

Yes Eevo, it obviously becomes economically viable as there are inevitable increases in demand (& price) and as production techniques improve.

demand is not inelastic
and productions techniques are not improving fast enough.

the SA shale is about 1 in 10

[boa]

What happened to all the peak oil people out there, I am sosick of people jumping onto the band wagon and the stupid media paying them totell us lies. But as has been mentioned it is about stability as such. Thepeople in the industry have known this for years as stated, keep stability to adesired level. How do you think the current general population would handle anew depression?. Or another war. That is why Governments are still printingmoney with no accountability. It will happen it is just a case of when. Historykeeps doing the same thing. Look at this, and people stand there in arms todefend land that has always changed. People are the problem not oil or gas. Ifthe link does not work just search Europe history in 5 minutes, on you tube

http://www.youtube.com/watch?v=4eQ42KbVBAM

[JDNSW]

Are you sure about that? ;)

Strictly speaking people did look, but that was limited to studies that cost little, and these generally ramped down as companies tightened expenditure controls from the 1980s on.

All exploration companies, as a general rule, have people looking at unconventional plays, but the money spent was almost nothing. Large companies have strict risking criteria that make it impossible to spend significant sums on this sort of thing until the technology and price make the risk/reward equation come out above the company's hurdle rate.

The discovery of large reserves of new types of oil in the onshore USA is in a large part the result of the unique situation there, where mineral rights are owned by landowners, not governments, and there is a very large and number of small explorers and producers - who do not have rigid risk/reward criteria, and who frequently go broke, but are prepared to do new things. Unlike Australia, in the USA, being a successful explorer is not considered virtually a crime and a prime target for expropriation.

John

[bob10]

Any more news on the oil find in South Australia. It is supposed to be huge and on land. Jim

Right both times, Bob.- From " The Economic Voice"



https://www.aulro.com/afvb/images/imported/2013/07/335.jpg
July 23rd, 2013
Author: Economic Voice Staff


ShareThishttps://www.aulro.com/afvb/images/imported/2013/07/336.jpg

Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely.
The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012. Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world’s second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012.”

:excl:
Six months ago Brisbane company Linc Energy Ltd.Energy released two reports, based on drilling and seismic exploration, estimating the amount of shale oil in the as yet untapped 30,000 square mile Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to a mind boggling 233 billion barrels of oil.
If the upper end estimates are correct then it means that the Arckaringa Basin is six times larger than the Bakken, seventeen times the size of the Marcellus formation, and 80 times larger than the Eagle Ford U.S. shale deposits.
To put the potential of the Arckaringa Basin in context, Saudi Arabian reserves are estimated at 263 billion barrels.

:excl:


So, what next for Linc Energy Ltd.? The company has been in discussions to find a partner to develop the Arckaringa Basin after hiring Barclays Plc to help with the process and expects to narrow the talks to one group in a “few weeks,” according to Linc Energy Ltd. chief executive officer Peter Bond. Bond added that Linc Energy Ltd.is talking with at least four parties from outside Australia interested in the shale oil project in the Arckaringa Basin.
Linc Energy Ltd . said that the characteristics of its Australian acreage “compare favorably” to the prolific Bakken and Eagle Ford shale regions of the U.S. Global energy companies including Chevron, ConocoPhillips, Statoil ASA and BG Group Plc are already making shale investments in Australia.
Australian State Mineral Resources Development Minister Tom Koutsantonis said, “Shale gas and shale oil will be a key part to securing Australia’s energy security now and into the future. We have seen the hugely positive impact shale projects like Bakken and Eagle Ford have had on the U.S. economy. There is still a long way to go, but investment in unconventional liquid projects in South Australia will accelerate as more and more companies such as Linc Energy Ltd.Energy and Altona prove up their resources.”
Natural gas?
Six basins in Australia stretching from coastal Queensland to Western Australia’s far northwest contain recoverable shale resources of as much as 437 trillion cubic feet of gas, all of which was previously inaccessible because it is contained in shale formations, which could be unlocked by “hydraulic fracturing.” But the U.S. Department of Energy predicts that Australia’s shale gas industry will develop at a “moderate pace” because the nation’s shale oil and gas resources do not as yet have the advanced production infrastructure that has underwritten the U.S. production boom.
https://www.aulro.com/afvb/images/imported/2013/07/337.jpg (http://www.economicvoice.com/wp-content/uploads/2013/07/Kangaroos-by-Alex-Proimos-via-Wikimedia-Commons.png) Kangaroos by Alex Proimos via Wikimedia Commons

And what if estimates for the Arckaringa Basin basin pan out? We’ll leave the final word to the EIA, which notes, “Australia’s stable political environment, relatively transparent regulatory structure, substantial hydrocarbon reserves, and proximity to Asian markets make it an attractive place for foreign investment. The government published an Energy White Paper in 2012 that outlines its energy policy including balancing its priority of maintaining energy security with increasing exports to help supply Asia’s growing demand for fuel.”
Accordingly, Adelaide had better upgrade its airport to handle all those energy company corporate jets that may well be visiting soon.
Source: Australia (http://oilprice.com/Energy/Crude-Oil/Australia-Next-Petro-Superstate.html)
By. John C.K. Daly of Oilprice.com




Read more: Mineral Rich Australia May Contain World's Next Major Oil Find | The Economic Voice (http://www.economicvoice.com/mineral-rich-australia-may-contain-worlds-next-major-oil-find/50038698#ixzz2a0BkQKEB)

[frantic]

50:50 according to snopes
snopes.com: Bakken Formation (http://www.snopes.com/politics/gasoline/bakken.asp)

We also have some large shale oil deposits but extraction is the issue.

[Sparksdisco]

so when we ruin our water supply trying to get to the oil then what happens?

[JDNSW]

so when we ruin our water supply trying to get to the oil then what happens?

And exactly which part of the country relies on water supplies from shale formations?

There is some risk to underground water from (any) drilling, but the major risk would seem to me to be from water drilling, as these wells are (and have been for over a hundred years) drilled with very little if any supervision, and often on a shoestring. The risk from hydrocarbon production is probably much less than the risk from over-extraction of water.

John