Key facts
- Australia's Dorado oil project may reach a final investment decision in late 2027.
- Carnarvon Energy Ltd holds a 10% stake in the Dorado oil discovery.
- Santos is the operator and majority stakeholder in the project.
- The energy crisis and geopolitical tensions are cited as reasons for increased urgency.
Australia's largest undeveloped oil project, known as Dorado, is nearing a potential final investment decision, possibly in late 2027. This development comes after years of delays, with the current energy crisis and geopolitical tensions, particularly related to the Iran war, heightening the perceived need for homegrown resources. Carnarvon Energy Ltd, a junior explorer that owns a 10% interest in the offshore Western Australia discovery, believes the project could move forward. Philip Huizenga, CEO of Carnarvon, stated in a Bloomberg interview on Friday that a final investment decision is anticipated in late 2027. Australian energy company Santos serves as the operator and holds the majority stake in the project.