Carnarvon Energy said the Dorado oil project could reach a final investment decision in late 2027, giving a fresh timeline to Australia’s largest undeveloped oil field offshore Western Australia. Chief executive Philip Huizenga said the project has moved back to the top of Santos’ thinking, with the company now looking at a path that could turn Dorado from a long-delayed discovery into a development decision.
The timing matters because Dorado sits at the center of Australia’s fuel-security debate. The country imports most of its transportation fuel, has permanently closed five of its seven refineries since 2013, and this year again faced pressure after a fire broke out at one of the nation’s only two remaining refineries. During the fuel crunch in Asia, Canberra halved the fuel excise on gasoline and diesel for three months and secured diesel and gasoline shipments from Brunei, South Korea and China.
Dorado was discovered in 2018 and is estimated to hold gross contingent resources of 344 million barrels of oil equivalent. Carnarvon holds a 10% stake, Santos is the operator with an 80% stake, and Taiwan’s CPC owns the remaining 10% equity. Huizenga said the asset is getting renewed attention because it is an oil project at a time when Australia needs more energy security.
Santos has not yet signaled a final investment decision, though it told investors last week that the Bedout Basin would be appraised for scale with three wells in 2027. Those wells are intended to test the integrated oil and gas prospects in the northern part of the basin, and any development would likely begin with oil and condensate production through a floating production, storage and offloading vessel before a second phase brings gas into Santos’ domestic infrastructure in Western Australia.
That leaves the clearest open question where it has been for years: whether the late-2027 timetable becomes a real commitment or another milestone on a project that has already spent years waiting for a full green light. Huizenga’s comments suggest the company sees a window opening, but Santos will need to turn appraisal work into a decision before Dorado can move from talk to steel.
