LONDON (Reuters) – Australian gas producer Santos has hired Goldman Sachs to sell a 20% to 30% stake in its Dorado oil project and Bedout exploration portfolio off Western Australia, according to a sales document seen by Reuters and confirmed by the group.
Dorado, of which Carnarvon owns 20%, contains 150 million barrels of contingent oil resources, said 2C. A final investment decision on its development is expected in the first half of 2022, according to the document.
“This offer is in line with Santos’ strategy of phasing growth plans and reviewing capital levels in accordance with disciplined capital management,” a Santos spokesperson said in an email statement.
The Bedout Basin is further from development but contains potential resources of 990 million barrels of oil equivalent, about half of which is oil, the document said.
Santos, which last month gave the go-ahead for its $ 3.6 billion Barossa gas project, also plans to sell a 52.5% stake in the Van Gogh oilfield and production vessel as well as ” a 29% stake in the Pyrenees oil field.
“For bidders looking for early production, buying Van Gogh and the Pyrenees will be an option, but not part of the main sale,” the spokesperson added.
Reporting by Shadia Nasralla; Editing by Jan Harvey, Kirsten DOnovan and Emelia Sithole-Matarise