360° Coverage : Big shale oil find made in Australia

Big shale oil find made in Australia

Sydney, Jan 25 (IANS/EFE) A shale formation containing up to 233 billion barrels of petroleum was found in central Australia by Linc Energy, media reports said Thursday.

Jan 24 2013, 11:48pm CST | by

Big shale oil find made in Australia
Photo Credit: KENZO TRIBOUILLARD, Getty Images

Sydney, Jan 25 (IANS/EFE) A shale formation containing up to 233 billion barrels of petroleum was found in central Australia by Linc Energy, media reports said Thursday.

Linc said reports from two independent consultants confirmed the existence of the non-conventional oil deposits in Arckaringa basin in South Australia, the ABC network reported.

Shale oil, which was difficult to extract just a few years ago, is produced by using hydraulic fracturing, or "fracking".

Fracking is controversial and involves pumping a pressurized fluid - usually composed of water, sand and chemicals - into the shale formation to create a fracture in the rock layer and release trapped petroleum or natural gas.

The process has been used in the US for about three decades, but new technologies have allowed energy companies to reach oil and gas deposits that were previously inaccessible.

Environmentalists oppose hydraulic fracturing on the grounds that it pollutes the soil and aquifers.

--IANS/EFE

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IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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