Australia found large-scale crude oil resources, crude oil reserves of about 171 million barrels
Western Australia has discovered large-scale oil resources, about 171 million barrels of crude oil, the largest crude oil resource discovered in Australia this century.
“The oil fields of this size are not common. The last time (the oil field) was found on the northwest continental shelf, about thirty years ago,” Adrian Cook, CEO and executive director of Carnarvon, said in a statement.
Last week, Quadrant Energy and Carnarvon Petroleum announced this amazing discovery. When drilling in Phoenix, Western Australia, this oil resource was discovered through the first well, Dorado.
Carnarvon confirmed Dorado's reserve expectations in a statement on Monday. According to the statement, under the best estimator (2C), Dorado contains 171 million barrels of crude oil, 16 million barrels of condensate, and 552 billion cubic feet of natural gas. Under the high estimation scheme (3C), the overall reserve is 556 million barrels. .
The last time Western Australia discovered more than 50 million barrels of oil resources was in 2003. The discovery of 100 million barrels of oil resources dates back to 1996. According to consulting firm Wood Mackenzie, the discovery of the Dorado Drill “changed the rules of the game” and “we expect the exploration in the area to bring a return of retaliatory.”
Adrian Cook, director of Carnarvon, also mentioned that it is normal to find other resources in the surrounding areas after discovering such large oil resources. “We hope to provide the market with more details about the proven prospects of Dorado.”
Energy consulting firm Wood Mackenzie believes that the possible return on Dorado depends on the quality of the crude oil it contains. Regular quality crude oil is the best case and has the strongest profitability. If the resource is a large amount of condensate with associated gas, the company may need more mining treatment costs and the oil return is relatively lower.