Australia’s Dorado: A black gold bonanza
After three decades without sizable discoveries, Western Australia is now the country’s most exciting exploration province
Australia's largest oil find in three decades reportedly came about by accident. Perth-based mid-cap explorer Carnarvon Petroleum was looking to prove the size of its Phoenix South gas resource when it stumbled upon a vast oil find in shallow water close to shore. Located in the Bedout Sub-basin, some 100km (62 miles) off the coast just north of Karratha, the Dorado field is estimated to hold an initial 171m barrels of oil and 16m barrels of condensate, a 2C liquids total of 186m barrels. This is well above the average discovery size of 60m barrels in the North West Shelf (NWS). Dorado is also estimated to hold 552bn cubic feet (2C) of gas, giving a total volume of oil equivalent at 283m bar
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
