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CPC has acquired 10% interest in the Dorado oil field and nearby exploration permits in Australia

22 Feb 2023

CPC has made another major achievement in the promotion of its self-owned oil resources. On February 21, 2023, OPIC Australia, a branch of CPC, signed the “Sales and Purchase Deed of Bedout Sub-basin” to acquire a 10% interest in the Dorado oil field (WA-64-L production license) and four nearby exploration permits, WA-435-P, WA-436-P, WA-437-P, and WA-438-P.

Dorado oil field is located in the Roebuck Basin in the northwest offshore of Australia. With a depth of 95 m, it is about 110 km from the shore. Crude oil was discovered in 2018, and after a series of appraisals to confirm reservoir productivity, the Dorado oil field was granted a production license in 2022. Production at the Dorado oil field is planned to begin by 2027 and at its peak it is expected to produce 80,000 barrels of crude oil per day. The four nearby exploration permits also have significant oil and gas potential and will be subject to an ongoing exploration and appraisal program, aiming to increase the economic benefits of the project.