Australia's 344-Million-Barrel Oilfield Could Finally Get the Green Light

AI Summary

Australia's largest undeveloped oilfield, the Dorado oil discovery offshore Western Australia, may receive final investment approval by late 2027. The decision is influenced by regional energy needs amid the ongoing Iran conflict. Carnarvon Energy Ltd and Santos are key operators.

After years of delays, Australia's largest undeveloped oil project could progress to a final investment decision in 2027 as the energy crisis amid the Iran war has heightened the need of homegrown resources. Carnarvon Energy Ltd, a junior explorer that holds 10% in the Dorado oil discovery offshore Western Australia, believes that a final investment decision to develop the project could be made in late 2027, Carnarvon's chief executive Philip Huizenga told Bloomberg in an interview on Friday. Australian energy giant Santos is the operator and majority…