$20 trillion worth of oil deposit found in Australia

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Australian resources firm Linc Energy said it had uncovered a huge oil deposit in the nation's vast outback in a discovery hailed Thursday by officials as worth some Aus$20 trillion (US$21 trillion).

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

However, officials cautioned that it was too early to say whether the oil could be profitably tapped, and the company sought to distance itself from the high-end valuations.

"Obviously if you want to stand up there and come up with $US100 (current value of a barrel of oil) times 100 billion barrels, you'll come up with a big number," Linc chief Peter Bond told Fairfax newspapers.

Though playing down the Aus$20 trillion estimates, Bond said there was still estimated to be a minimum of 3.5 billion barrels of shale in the deposits, a size that was "virtually unheard of these days."

"No matter how you look at it, it's big," he said, describing it as a "multi-billion barrel opportunity".