Oil ‘worth €15 trillion’ found in Australia

An Australian resources firm says it has uncovered a huge oil deposit in the nation’s vast outback in a discovery hailed by officials as worth some Aus$20 trillion (€15.6tn).

Linc Energy said up to 233 billion barrels of oil has been discovered in the outback, in a find that could turn the region into a new Saudi Arabia

Linc said two independent reviews of its three deposits in central Australia’s Arckaringa Basin had estimated there was up to 233bn barrels of shale oil trapped within its rocks.