Australia's Santos Ltd. said on Oct. 8 results from a closely watched appraisal well showed its Dorado field in Western Australia could produce at the higher end of expectations.
Excitement over the Dorado field, Australia's biggest oil find since 1996, has spurred an exploration revival off northwestern Australia that could drive a resurgence in production that has fallen to a near 50-year low.
Santos said drilling had indicated "very high potential flow rates" of around 30,000 barrels per day from each single well in the Caley reservoir of the Dorado field, a result that Chief Executive Kevin Gallagher called "extremely positive."
"This positive result represents a significant step in progressing Dorado as one of Santos' most exciting new development projects," he said in a statement.
Santos owns an 80% stake in Dorado and is operator, after having acquired Quadrant Energy in 2018, while Carnarvon Petroleum owns a 20% stake.
Recommended Reading
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”
Vår Selling Norne Assets to DNO
2024-05-08 - In exchange for Vår’s producing assets in the Norwegian Sea, DNO is paying $51 million and transferring to Vår its 22.6% interest in the Ringhorne East unit in the North Sea.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
2024-05-10 - Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
SLB OneSubsea JV to Kickstart North Sea Development
2024-05-07 - SLB OneSubsea, a joint venture including SLB and Subsea7, have been awarded a contract by OKEA that will develop the Bestla Project offshore Norway.