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- A new oil project off the coast of Western Australia has been labelled as an important step for the nation’s oil security
- Santos (STO) and its partner Carnarvon Energy (CVN) now have a production license covering the Dorado oil field
- Two weeks ago, the Pavo-1 exploration well, drilled 46 kilometres east of the Dorado field, confirmed the area as one of the largest offshore oil discoveries on Australia’s North West Shelf
- Santos Managing Director and CEO Kevin Gallagher said the production licence was an important step on the path towards a final investment decision on the Dorado Project
A new oil project off the coast of Western Australia has been labelled as an important step for the nation’s oil security.
Oil and gas company Santos (STO) and its partner Carnarvon Energy (CVN) now have a production license covering the Dorado oil field, around 150 kilometres north of Port Headland.
“At a time when Australia needs energy security more than ever, it’s great to see a new Australian oil project, discovered by Australian companies Santos and Carnarvon Energy, moving closer to being production ready,” Minister for Resources and Water Keith Pitt said.
In 2018, the original Dorado-1 discovery well was the most significant new oil play offshore WA in the last decade. This was followed in February 2022 by the successful Pavo-1 exploration well, drilled 46 kilometres east of the Dorado field.
With this success and now production licence, the Dorado project is moving towards a final investment decision (FID) and production.
Santos Managing Director and CEO Kevin Gallagher said the production licence was an important step on the path towards a FID on the Dorado Project.
“The production licence builds on recent momentum for the Dorado Project following the significant Pavo-1 discovery last month that has the potential to add further material value to the development,” Mr Gallagher said.
“Global oil and gas markets are seeing increased volatility and western countries are looking to diversify their supply sources away from Russia which, according to the International Energy Agency, currently produces 18 per cent of the world’s gas and 12 per cent of its oil.”
Minister Pitt said that due to the current uncertainty around the world “we must maintain our focus on developing our traditional oil and gas along with new energy metals and materials.”
“I want to congratulate Santos and Carnarvon on their success with Dorado. This multi-billion dollar project will enhance our oil security for the future,” Minister Pitt said.
“There is no doubt Australia needs new oil projects if we are to maintain our energy security and ensure our long-term national security. These projects bring new jobs and new investment into our oil and gas sector.”
