Santos Puts $3 Billion Western Australia Oil Project on Hold

Australian oil and gas exploration and production company Santos has deferred a decision on whether to proceed with a major oilfield development.

The Santos rig that discovered the third biggest oil field in the greater North-West Shelf, Dorado, which has now been put on hold. Courtesy of Santos

Adelaide-based Santos Energy is delaying a decision to buy the $3 billion-plus (US$1.87 billion) Dorado oil development in Western Australia to appease shareholders who want less capital expenditure. This is despite executives telling the market the company still has confidence in the project.

The discovery is the third biggest oil field in the greater North-West Shelf.