Australia's Massive Shale Discovery
Brisbane-based Linc Energy released two reports yesterday revealing a shale oil discovery in South Australia potentially worth $20 trillion, accounting for a range of 3.5 billion to 233 billion barrels of oil.
"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Linc's managing director Peter Bond told reporters. "If you look at the upper target, which is 103-233 billion barrels of oil, that's massive. The opportunity of turning this into the next shale boom is very real.”
Bond added: "If the Arckaringa plays out the way we hope it will … it's one of the key prospective territories in the world at the moment. … We have a very good idea that this will be an oil-producing asset."
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The feasibility of the hype behind Linc's claims still need to be verified, but shares have jumped up ten percent, regardless, this morning, according to the Sydney Morning Herald.
As of today, however, the company has retrieved the $20 trillion figure as an estimate calculated on behalf of the media rather than the industry.
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‘Obviously if you want to stand up there and come up with $US100 times 100 billion barrels, you’ll come up with a big number," Peter Bond told the Sydney Morning Herald. "That’s not how you value oil resources anyway.’’
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.