Carnarvon Energy’s Annual General Meeting this month allowed us to reflect on a largely successful year for Carnarvon.

Perhaps the crowning achievement of the past year is the Pavo discovery, offshore Western Australia, which uncovered 43 million barrels of gross best estimate contingent resources.

This successfully increased Carnarvon’s share of oil and condensate resources under consideration for development by 40 per cent, adding 13 million barrels at Pavo to the 32 million barrels of net best estimate contingent resources at the nearby Dorado field.

This is only the start of our Bedout journey, with Carnarvon holding a deep growth pipeline across our portfolio of more than 100 exploration prospects in the basin.

Carnarvon’s share of potential resources from the top 20 prospects in our Bedout sub-basin portfolio is estimated at 396 million barrels of oil equivalent, giving us one of the most attractive oil and gas exploration portfolios in our sector.

Given our strong track record in the basin, we are confident drilling these prospects will add to our already extensive resource base, providing potential future tie backs to Dorado or supporting new standalone project hubs.

Significant progress on the Dorado development was also achieved this year, with Front-End Engineering and Design (FEED) work on the production facilities substantially complete.

FEED work to date confirms Dorado’s technical and commercial strength, with a low operating cost per barrel and the potential for material early free cash flows.

Pre-development work has commenced on the Pavo discovery, with a potential tie-back to Dorado facilities providing a significant opportunity to extend plateau production through an integrated development.

The company has also solidified its position in the renewable energy sector in the form of biofuels.

Carnarvon has been focused on its first potential renewable diesel production facility in the Shire of Narrogin in Western Australia, while our long-term goal is to build a number of plants to help meet growing domestic and international demand.

Growing concerns around global energy security, compounded by an extended period of underinvestment in oil projects, positions Carnarvon to capitalise on what is expected to be a strong oil price environment.

Carnarvon’s portfolio is well placed to deliver strong growth, with the ability to both meet near-term oil and gas demand, while charting a pathway through the energy transition towards a lower carbon future.