A new oil province may be emerging in the country as US oil company Apache discovered oil in the North West coast. Apache’s Phoenix South-1 well was targeting gas when it dug up an oil deposit that can potentially produce 300 million barrels of oil. Apache’s International Chief Operating Officer Thomas Voytovich said that drilling is already at its early stages and that the success of Phoenix South may make it the new oil province in the country.

The discovery in the offshore part of Canning Basin in Western Australia opens up numerous questions regarding oil extraction, transportation and costs. Current cost estimates are at $1 billion for the production vessel, which is expected to produce around 20,000 – 25,000 barrels of oil per day.

Read more about this on the Sydney Morning Herald website.

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Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

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