The $20 trillion figure is complete nonsense. Absolute best case scenario looks like being around $1 billion, and it's very unlikely to be anywhere near that. Quite likely it won't be economic at all.
It's not going to be the monster, but to play devil's advocate and answer the question, if it was a monster field, 'another Saudi Arabia' it would smash the price of oil down, thrust Australia's economy into incredible overdrive, put a rocket under the rest of the world's economy (other than big oil nations which would be hurt) and kill green energy companies like AEB before they saw the light of day. Best case scenario it'll boost Australia's economy and make a trivial difference to the oil price. For the specific company, best case scenario (unlikely) it'll turn many shareholders into millionaires.
Everyone talks about the big oil companies mothballing alternative/clean energy sources. Which energy source has been mothballed by big oil? If an energy source is economic it is used. Big oil can't stop that even if they want to. If big oil wanted to kill any other industry it would be coal (and the tree huggers would actively support them!), but we see coal being overused. That demonstrates that even if the tree huggers, oil companies and common sense all combined forces it wouldn't do anything. Bottom line is people are going to use the cheapest energy sources available, and no one will stop that.
Since when can AEB produce oil for $40/barrel?
AEB Price at posting:
27.0¢ Sentiment: Sell Disclosure: Not Held
