Carnarvon accepts CPC’s terms for Bedout Basin farm-in

Feb. 22, 2023

Carnarvon Energy has negotiated a binding agreement to farm out 10% of its interests in its Bedout Basin assets offshore Australia to CPC subsidiary OPIC Australia.

Related To: Carnarvon Energy

Offshore staff

WEST PERTH, Australia — Carnarvon Energy has negotiated a binding agreement to farm out 10% of its interests in its Bedout Basin assets offshore Western Australia to OPIC Australia, a subsidiary of Taiwan’s state oil and gas company CPC Corp.

Estimated value of the transaction is $146 million, including a $90 million carry of Carnarvon’s forward expenditure in the Bedout permits following final investment decision on the Dorado oil and gas field development.

The Santos-led venture is considering further exploration in the Bedout sub-basin and appraisal of the recent Pavo discovery.

Offshore permits covered by the agreement are the WA-64-L production license (containing Dorado) and the WA-435-P, WA-436-P, WA-437-P and WA-438-P exploration permits.