'Biggest oil project in Australia': $77b fracking, ports and pipeline project proposed for west Kimberley
A network of oil wells that involve fracking in the Great Sandy Desert, connected by pipelines to new and existing ports, may become Australia's biggest oil producing project.(Supplied: Theia Energy) '$250 billion in tax revenue' A project fact sheet produced by Theia Energy and dated 2018 suggested that of the tens of billions of barrels of oil estimated to be locked in the shale rock, six billion barrels were recoverable. This could be worth $250 billion in tax revenue and $55 billion in royalties to Government, and would require a $77 billion capital investment, the document said. The project aims to ramp oil production up to 100,000 barrels of oil a day which, if achieved, would easily make it Australia's biggest oil producing project. But in an interview with the ABC, Theia Energy's chief operating officer, Jop van Hattum, was more cautious about the potential of the project to progress to this scale. "There is a potential for that, there's a lot of work to be done to see if that is all possible," Mr van Hattum said. "There are a lot of assumptions in the economic model at this stage." Mr van Hattum said a document that had been removed from the company website, which included a graphic showing new ports, pipelines and roads, was not a proposal. "That picture is really to invite people to come along and think about how the project could be developed in the future," he said. "It's not a proposal; it's an investment brochure that outlines the potential of the project." Economic challenges The Canning Basin is an enormous geological area of North West Australia that has previously been touted as having a huge potential for oil and gas. Since a spike in interest in the Canning Basin by investors and major petroleum companies around 2011, many companies have pulled out of the region or seen severe share price declines. But Mr van Hattum believes Theia Energy could overcome the challenges. "We're optimistic that we can succeed because it is a large resource," he said. "There obviously will be pressures on keeping costs under control." Read more: ABC News
Can we just leave the shit in the ground please? We already have better options. Looking forward to the protesters getting the wrong info on this one too 🙄 Why is Australia 'Fracking' for oil ... destroying the environment. Expect more Earthquakes lot of dormant volcanoes will be awakened 😳 M_LePard IN CONTEXT Auspol Australian government & business will never allow a real place at the table for aboriginal people or the rights they seek & deserve unless they take a handout, become complicit & remain quiet. Expalins WA drive to force aborigines from remote settlements?
Shale oil seam 1.5 km below the surface, a lot of oil and gas. How ironic if the traditional land owners decide the outcome.....delicious Fracking, now there's a word that makes by blood run cold, how are they going to manage the water supply ? Oh look! More activism disguised as journalism from TheirABC.
fracking should be banned completely... Great Sandy Desert, connected by pipelines to new and existing ports, may become Oz's biggest oil producing project The age of oil is nearly over In 10yrs 50% of cars n trucks would be electric or hydrogen So what are you going to do with all that money and oil and gas Australians will never benefit from it your mates will give it away to over seas counties then sell it back to the Australian public at triple the price GREED IS GREAT 👍🏿 F/ING PARASITES 🦠
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