Australia: Santos Looking to Sell Down Stake in Dorado Offshore Oil Project

Shadia Nasralla
Thursday, April 8, 2021

Australian gas producer Santos has hired Goldman Sachs to sell a 20%-30% stake in its Dorado oil project and Bedout exploration portfolio offshore western Australia, according to a sales document seen by Reuters and confirmed by the group.

Dorado, of which Carnarvon owns 20%, contains 150 million barrels of contingent, so-called 2C oil resources. A final investment decision on its development is expected in the first half of 2022, according to the document.

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

The Bedout basin is further from development but contains prospective resources of 990 million barrels of oil equivalent, about half of which is oil, the document said.

Santos, which last month gave the final go-ahead for its $3.6 billion Barossa gas project, is also considering selling a 52.5% stake in the producing Van Gogh oil field and production vessel as well as a 29% stake in the Pyrenees oilfield.

"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," the spokesman added. 

(Reporting by Shadia Nasralla; Editing by Jan Harvey, Kirsten Donovan and Emelia Sithole-Matarise)

Categories: Energy Industry News Activity Australia/NZ

Related Stories

Mitsui’s STATS Lands Malaysian Pipeline Isolation Job

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Woodside Inks Long-Term LNG Supply Deal with China Resources

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Malaysia's Petronas Plans Job Cuts

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

CNOOC Brings Bohai Sea Oil Field On Stream

Current News

VARD Snags $125m Shipbuilding Deal for Subsea Contruction Vessel

Mitsui’s STATS Lands Malaysian Pipeline Isolation Job

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com