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Carnarvon Petroleum to discuss plans to unlock large oilfield on North West Shelf at Proactive webinar

The oil & gas focused webinar on Tuesday, July 14, will see three companies presenting ahead of a Q&A session.

Carnarvon Petroleum Ltd - Carnarvon Petroleum to discuss plans to unlock the largest oilfields in WA’s North West Shelf at Proactive webinar
CVN managing director Adrian Cook will present at the Proactive webinar

Carnarvon Petroleum Ltd (ASX:CVN) managing director Adrian Cook will discuss the company's plans to unlock the largest oilfield on WA’s North West Shelf at the Proactive Oil & Gas webinar next Tuesday, June 14.

Following the discovery of the Dorado oilfield in 2018, the company has been progressing development work at the site with partner Santos Ltd (ASX:STO). A final investment decision on the Dorado project is targeted for 2021

In May, three contracts were awarded to pre-Front End Engineering Design (pre-FEED) contractors, enabling the parties to work independently to advance their FPSO designs and mature their vessel construction plans as well as supply terms.

Cook said the award of these contracts was a significant step in keeping to its project schedule and demonstrates the momentum which is building within the Dorado development project.

“A prolific new hydrocarbon basin”

More recently, the company delivered a high-quality dataset over the Dorado and Roc fields, as well as the surrounding area based on the fast-track data set after acquiring the Keraudren 3D seismic data in 2019.

The results improved the visibility of the key geological intervals associated within the hydrocarbon zones of the Dorado and Roc fields and by extension within these intervals in the surrounding area.

Seismic mapping also confirmed the structural integrity of the Apus prospect (previously mapped on the Bilby 2D data) and the Pavo prospect providing a clearer view of the Dorado oil field, surrounding prospects and the basinal architecture covered by the new data.

Cook said: “We clearly know that we are working in a prolific new hydrocarbon basin on the North West Shelf, following the successful Dorado and Roc discoveries and appraisal results.

“We are currently working with the new Keraudren 3D seismic data to determine follow-up exploration potential in the area and to support the Dorado field development work.”

In its March 2020 quarterly report, Cook said the sheer size and nature of the Dorado field and expected recovery in the longer-term oil price meant that it was a strong and robust project capable of producing at globally competitive capital and operating costs.

Additional work on schedule

Additional work for the Dorado project, including preparation of the Field Development Plan and Offshore Project Plan, are on schedule.

The FEED process for the Dorado field development is a relatively low-cost phase within the total field development.

This phase is intended to be progressed broadly by the JV as scheduled, subject to operational impacts associated with COVID-19 restrictions.

The current schedule has the Final Investment Decision (FID) slated for 2021, however, this will be subject to market conditions at the relevant time.

Proactive webinar details

  • When: Tuesday, July 14
  • Time: 12 noon AEST (Sydney) time, 10am WST (Perth)
  • To register: please follow this link 

A confirmation email will contain the link to join, where you will then be able to view the live webinar.

Please forward any questions to John Phillips at [email protected]

Also presenting at the webinar will be Calima Energy Ltd (ASX:CE1) chief financial officer Mark Freeman and 3D Oil Limited (ASX:TDO) executive chairman Noel Newell.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.185 AUD

ASX:CVN
Market: ASX
Market Cap: $289.41 m
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