Santos considers stake sale in Dorado field offshore Australia

8 April 2021 (Last Updated April 8th, 2021 15:26)

Energy firm Santos is reportedly planning to divest a stake in the Dorado field and the exploration portfolio in Bedout Basin offshore Australia.

Santos considers stake sale in Dorado field offshore Australia
The Dorado is estimated to hold 150 million barrels of contingent 2C oil resources. Credit: Anita Stachurski / Pixabay.

Energy firm Santos is reportedly planning to divest a stake in the Dorado field and the exploration portfolio in Bedout Basin offshore Australia.

As part of the plan, the company has selected Goldman Sachs to sell a 20%-30% interest in the Dorado development, Reuters reported citing a sales document of Santos.

The Dorado field is located in the WA-437-P exploration permit in the Commonwealth waters offshore Australia.

Santos operates the field with an 80% stake while Carnarvon Petroleum holds the remaining 20% stake.

The Dorado field is estimated to hold 150 million barrels of contingent 2C oil resources with the final investment decision planned in the first half of 2022.

According to estimates, the Bedout Basin holds prospective resources of 990 million barrels of oil equivalent.

Santos spokesman in an emailed statement said: “This offering is in line with Santos’ strategy, which is to phase growth projects and review equity levels consistent with disciplined capital management.”

The publication also reported that the company is considering divesting a stake of 52.5% in the producing Van Gogh oil field and the associated Ningaloo Vision production vessel in the Exmouth Sub-basin offshore Western Australia.

Additionally, the company is considering the 29% stake sale in the Pyrenees offshore oilfield.

The spokesman added: “For bidders looking for early production, buying in to Van Gogh and Pyrenees will be an option, but is not part of the core sale.”

Recently, Santos announced the FID on the $3.6bn Barossa project, located offshore Northern Territory.

The Barossa gas and condensate field is being developed together with the nearby Caldita field under the Barossa offshore development project.