Is Australia heading for Oil and Gas wealth?
Australia is already online to be the biggest exporter of Natural Gas by 2017 but this week American oil company Apache announced a discovery of oil which is potentially the largest discovery for 30 years.
In an area initially targeted for Gas, the Canning Basin, north of Port Hedland, has be found to contain what could be 300 million barrels of oil.
Analysts have stated not all could be recoverable, and it may take months to work out how much, but what is certain is the oil firms will certainly give it their best shot.
For Apache, founded in America in 1954 and now one of the top independent E&P companies, they pride themselves on being both competent acquirers and explorers, and set to gain hugely from the discovery, and their market value has already been boosted.
For Australia the discovery comes at a good time – their reserves were substantially in decline. Although there has been speculation that Australia holds larger oil reserves than Saudi Arabia.
Australia has an estimated 3,921 billion cubic meters of Natural Gas, of which 20% is so far viable, and is the largest clean energy source for China.