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(Bloomberg) — Carnarvon Energy Ltd. said a final investment decision on one of Australia’s largest undeveloped oil discoveries could be made late next year after almost a decade of delays.
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The junior explorer holds a 10% interest in the Dorado field, in which operator Santos Ltd. has 80%. The global energy crisis following the war in the Middle East has renewed interest in the $2 billion project, Carnarvon Chief Executive Officer Philip Huizenga said in an interview on Friday.
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Australia is one of the world’s biggest exporters of coal and natural gas, but the nation’s reliance on imports of crude and oil products was exposed in March — when panic-buying led to gas stations running out of fuel. The shortages increased domestic calls to expand domestic oil exploration and build a new refinery after five of the nation’s seven plants were closed since 2013.
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Dorado got put on hold because “the environment 18 months ago was not conducive to developing oil projects,” Huizenga said. “Dorado has come right back to the top of Santos’ thinking. It’s an oil project at a time when there’s a need for energy security in Australia.”
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Santos last week said it would prioritize projects including the Pikka oil field in Alaska and Barossa LNG. However, CEO Kevin Gallagher also said that a strategic review identified the “really strong economics of Dorado” and that the company plans to drill three appraisal wells in the Bedout basin, which includes Dorado, next year.
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Santos hasn’t yet said when it expects to take a final investment decision on Dorado, in which Taiwan’s CPC Corp. holds the remaining 10%. A spokesperson for the Australian company didn’t immediately respond to requests for comment.
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—With assistance from Keira Wright.
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