Carnarvon Energy is advancing the Dorado Phase 1 liquids development project off Western Australia in partnership with Santos (ASX:STO) and OPIC Australia.
Revised designs aim to boost economic returns by optimising production facilities and potentially reducing initial capital expenses, possibly expediting first oil production.
The company is also considering repurposing idle floating production storage and offloading units to cut costs and hasten oil production within the project scope.
Carnarvon remains committed to making the Dorado Project final investment decision-ready by 2024's end.