Carnarvon Energy is an independent oil and gas explorer incorporated in 1983 and listed on the Australian Stock Exchange (ASX:CVN).
We have interests in the world class Dorado and Pavo oil and condensate developments in the Bedout Basin, located on the North-West Shelf, offshore Western Australia. Combined, these fields are the largest undeveloped oil and condensate discoveries offshore Australia.
Carnarvon Energy started its journey in the renowned Carnarvon Basin, offshore Western Australia, before expanding internationally into assets and operations across South-East Asia.
As our international assets neared end of life, Carnarvon shifted its strategic focus back to the waters offshore Western Australia. This led to Carnarvon acquiring four permits in 2009 across the underexplored frontier basin, the Bedout Basin. These offshore permits cover an expansive area of 21,652km2 and are located approximately 110km from the coast, offshore of Port Hedland in Western Australia. Carnarvon divested part of its interests in the Bedout Basin in exchange for a cost carry on two exploration wells, which lead to the Phoenix South and Roc discoveries.
Following these successes, the Dorado discovery in 2018 transformed Carnarvon and ignited the Bedout Basin, with the largest offshore oil and condensate discovery in Australia in 30 years. Dorado was successfully appraised in 2019, and the Joint Venture added to the resource with the successful Pavo oil and condensate discovery, nearby to Dorado, in 2022. The Dorado and Pavo fields contain a combined resource of 205 MMbbls (gross, 2C).
Carnarvon is now progressing Dorado and Pavo towards a landmark development as we continue to explore the highly prolific Bedout Basin and unlock the significant value it contains. Dorado, the associated satellite fields and future potential oil and gas discoveries in the Bedout Basin, will ensure energy security domestically, and provide a much-needed source of new supply for our energy-hungry neighbours in Asia for many years to come.
Carnarvon continues to look to the future, and is focused on being a meaningful player in the energy transition. In 2020, we launched our new energies business, with a focus on renewable biofuels, as well as committing to net zero by 2050, or sooner, across all our business.