Australian energy major Santos has put its plans for the A$3bn ($1.87bn) Dorado oil and gas project in Western Australia on hold.
Santos, as the Dorado JV operator, has decided not to purchase the FPSO vessel that was identified as an option for the project’s first phase. The company also opted not to enter the FEED at this stage.
With the deferral of the FEED, the target of making a final investment decision for Dorado in 2025 will also be pushed back. Santos and the joint venture are currently reviewing the project timeline.
The joint venture that owns Dorado consists of Santos as the operator with an 80% interest while partners Carnarvon and OPIC Australia, a wholly owned subsidiary of CPC Corporation, own 10% each.
Carnarvon said in a statement that the JV has “great confidence” in Dorado and the greater Bedout Basin assets and is committed to “extracting maximum value from them”.
The company added that the joint venture is planning towards drilling further exploration wells in 2026 following tenure commitments.
However, Carnarvon CEO, Philip Huizenga, did state that the company was disappointed with the delay due to the quality of the project.
The Dorado oil field was the largest oil discovery made on Western Australia’s North West Shelf in three decades when it was discovered in 2018. It is estimated to hold a gross 2C contingent resource of 344m barrels of oil equivalent.
The field development envisages the oil and condensate from Dorado being produced through a well-head platform and tied back to an FPSO capable of processing 75,000 to 100,000 barrels per day.
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