South Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim.

Brisbane company Linc Energy has released two reports estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil, according to a report in Adelaide's Advertiser newspaper.

The reports were based on drilling and seismic exploration.

Linc managing director Peter Bond said the untapped oil had the potential to bring Australia back to oil self-sufficiency.

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