Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.
Australia’s Carnarvon Energy (ASX:CVN) reported that the recent Pavo-1 exploration well drilled offshore Australia proved up a “substantial volume of light oil in excellent quality reservoirs” and “significantly increases Carnarvon’s oil resources for potential development through the Dorado facilities.”
The Pavo-1 exploration well near the Dorado field offshore Western Australia in the Bedout sub-basin has made a “significant oil discovery” that has an estimated breakeven cost at less than $10 per barrel, operator Santos (ASX:STO) said today.
Australia’s Santos (ASX:STO) will this week start drilling Pavo-1, a highly anticipated exploration well, near its high-quality Dorado field offshore Western Australia.
Santos is seeking buyers for a share in its $2 billion Dorado oil project offshore Western Australia and energy consultancy Rystad Energy expects BHP will be looking closely at the asset.
Australia’s Santos today announced that its large Dorado oil project offshore Western Australia has started the front-end engineering and design (FEED) phase. Santos is also seeking buyers for a share in the development, which has a “very low” carbon dioxide footprint and is expected to initially cost $2 billion.
Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).