Overview of the Bedout Basin Joint Venture Progress

The Santos-led Bedout basin joint venture offshore Australia has gained significant momentum following the completion of the Bedout MegaMerge 3D seismic survey, which covers 15,240 square kilometres. This reprocessing has substantially increased the gross unrisked resource estimates to 6.256 billion barrels of oil equivalent across 130 prospects, representing a 92% boost from the 3.263 billion boe estimated in June 2025, as reported by joint venture partner Carnarvon Energy.

Planned Drilling Campaign for 2027

The drilling campaign is scheduled to commence in April 2027, with shortlisted prospects including Ara on Block WA-435-P and Goats Eye, Yuma, and Hutton on Block WA-436-P. These wells will be drilled by Transocean’s semi-submersible rig, the Transocean Equinox, which is set to be mobilised to the basin in early 2027. The Ara prospect, considered analogous in size to the Dorado field, has been identified as the most likely firm well for the campaign, estimated to contain 191 million boe of recoverable hydrocarbons. The Ara-1 well will utilise a dual target approach to test two play systems, with the primary objective being a stratigraphic pinch-out trap within the Middle Triassic Archer formation, deemed comparable to the Dorado reservoir.

Strategic Significance and Environmental Approvals

Carnarvon CEO Philip Huizenga compared the basin’s potential to Australia’s Carnarvon basin, stating that the campaign has the capacity to reinforce the Bedout as one of Australia’s most significant petroleum provinces. The joint venture is progressing environmental approvals and finalising the campaign budget. Carnarvon holds 10% equity in Santos-operated Block WA-435-P and 20% in Block WA-436-P.

Dorado Field Development Timeline

Santos CEO Kevin Gallagher previously stated that the Dorado field is “FEED ready,” having already secured Phase 1 offshore project proposal and production licence approvals. Phase 2 will depend on further gas aggregation, assessed after the 2027 multi-well drilling campaign. Carnarvon estimates that the Dorado field development will require at least another four years before first oil, with the final investment decision expected one year after FEED and first oil three years after project sanction. Huizenga disclosed in an interview with Bloomberg that FID for Dorado may occur in late 2027, emphasising that the field is “ready to go.”