Carnarvon Energy Ltd, which maintains a 10% stake in the site, expects a formal commitment to proceed within three years. Philip Huizenga, the company’s chief executive, noted that the project has reclaimed a priority status for operator Santos, which controls an 80% interest. While Santos has yet to issue a final investment decision, the firm confirmed plans to drill three appraisal wells in 2027 to evaluate the basin’s integrated potential.
Australia Moves Closer to Unlocking 344-Million-Barrel Dorado Field
The Dorado offshore project, Australia’s largest untapped oil reserve, is moving toward a 2027 investment decision as regional energy instability forces a rethink of domestic supply. With 344 million barrels of oil equivalent sitting in the Bedout Basin, the field has transitioned from a stalled asset to a strategic security imperative.
The development strategy centers on a two-phase rollout. Initial operations would utilize a floating production, storage, and offloading vessel to extract oil and condensate, followed by a secondary phase to feed gas into existing Western Australian infrastructure. This shift arrives at a critical juncture; since 2013, Australia has shuttered five of its seven oil refineries, leaving the nation heavily dependent on imports. Recent volatility, exacerbated by conflict in the Middle East, has exposed the fragility of this supply chain, prompting the government to secure emergency fuel shipments from Brunei, South Korea, and China.
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