Santos hits offshore oil in Australia
SYDNEY, March 23, 2022 – Santos has discovered significant hydrocarbons on its Pavo-1 exploration well on the Bedout sub-basin in Australia, the Australian E&P player announced today.
The shallow-water well was drilled by the Noble Tom Prosser jack-up rig in water depths of 80 metres.
Initial analysis of 2D seismic studies suggest the resource contains 43 million barrels of oil.
Upon drilling to a planned depth of 4,200 metres, the jack-up rig will move to drill the Apus-1 exploration well located 20 kilometres southwest of the play.
Development of the field will involve a tie-back to the proposed Dorado field project.
Santos holds an operating 70% stake of petroleum permit WA-438-P, with partner Carnarvon Energy holding the remaining 30% stake.