The company said Dorado’s scale, low projected costs and highly valuable opportunities were reasons to focus on the development’s interests.
“During the quarter, the key area of focus on the Dorado development pertained to maturing the scope of work for integrating Pavo into the proposed Dorado production facilities, with this work now well advanced,” Cook said.
“Another area of focus during the quarter was the planning for environmental approvals required for post FID activities.
“New procedures for these approvals were established following court action by a Tiwi Islands group in respect of Santos’ Barossa project.
“In short these now require more extensive stakeholder engagement procedures which we will factor into the Dorado development process.”
The majority of conditions associated with its divestment of a 10 per cent interest in its Bedout assets to CPC Corporation have been satisfied.
The final condition is receiving approval of the Foreign Investment Review Board (FIRB).
“While this process can take several months, the parties are targeting satisfaction of this final condition, and completion of the partial divestment in the upcoming quarter (Q3,2023),” Cook said.
“In the meantime, Carnarvon has been working with our partner, Santos, in preparation for CPC joining the Joint Venture.”