 | A gas supply disruption case study - the Varanus Island explosion | TOD: Australia/New Zealand | The Bullroarer - Saturday 13 July 2008 |  |
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SBS has just aired a story suggesting that Siberia has all the oil the world will need for decades. Nuthin to worry about eh?
Got a link ? Which program ?
I didn't catch the entire story Gav, it was the SBS news this evening.
Just checked the SBS website - can't find it. I definately saw it though.
No worries - I'd checked the site and couldn't find anything, but if it was a news item it probably won't show up.
SBS probably won't list a transcript for that one, because it was one of their "magazine style" pieces off the satellite that they use for padding between ads (!)
It was a fairly light and fluffy publicity video about oil exploration north of Tomsk in Western Siberia, being carried out by a small British company, Imperial Energy.
(Similar article with more of a business focus here:
http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL0618457820080306 )
Lee Lin Chin looked the SBS audience in the eye and very convincingly delivered the line that the world was *not* running out of oil because they'd found a "Billion Barrels" in Siberia... (Little do they know that this apparently huge number is less than two weeks' global supply!) Probably their clueless News Editor thought this was a bit of "good news" for the punters.
This Tomsk Oil sounds pretty difficuly to extract. It's stranded in the middle of a wilderness and they have to wait for the annual freeze to enable road transport to make it through the swampy terrain. They admit it will take "years" to get that billion barrels on stream. Slurp slurp!
A billion barrels - crikey - is that all it takes to impress people ?
Don't tell them how much is sitting under Iraq then...
Two weeks supply? Wow! Just wait for prices to tumble in response to news of all this extra oil.
Actually, I think that it's pretty irresponsable reporting - certainly isn't going to help raise public awareness of the serious impending problems. Unless they honestly didn't know how paltry that figure is relative to world consumption.
Well, apparently there's a lot of methane in that melting permafrost... :D
Maybe its time to start up a company and claim that we can harvest all the escaping Siberian methane and keep Europe well supplied with gas for decades longer ?
Clearly SBS will help in marketing the shares to new investors :-)