Australian independent Carnarvon Energy is sitting on a stake in one of the nation’s most exciting offshore discoveries, but the company is looking for a farm-in partner as its one-fifth share of the expected US$2 billion oilfield development is more than its market capitalisation.

Carnarvon has a 20% interest in Santos’ Dorado field, which the compatriot operator plans to exploit via an owned floating production, storage and offloading vessel.

The unit cost for the Dorado phase one liquids project is expected to be less than $20 per barrel, while the preferred development concept comes with operational expenditure of below $5 per barrel in the initial years.