South Australia is on the verge of a shale oil boom after two separate prospective resource reports confirmed a massive reserve of oil, which initial estimates value at in excess of $20 trillion.


The reports found that the Arckaringa Basin contains as much as 233 billion barrels of oil equivalent in unconventional reservoirs.


The company’s managing director, Peter Bond, said that if the estimates are correct, the deposits would contain an amount “several times bigger than all the oil in Australia.”


The Brisbane-based company has appointed Barclays Bank to ‘advise on strategic options’, including the possibility of forming a joint venture with an experienced shale operator.