From the CEO’s desk

From the CEO’s desk

It has been another active month for Carnarvon as we continue to progress projects on multiple fronts.

Work on the Dorado oil field development continues to progress, and we remain on track to make a final investment decision on the project with our joint venture partner Santos later this year.

Our renewable fuels business, FutureEnergy Australia (FEA), also continues to work towards FID on our first proposed renewable diesel facility in the Shire of Narrogin, in Western Australia’s Wheatbelt region.

The project aims to be Australia’s first commercial-scale renewable diesel facility using sustainability sourced woody biomass feedstocks, with first production being targeted for the second half of 2023 or early 2024.

The initial facility will produce about 18 million litres of renewable diesel per annum and represents the first step in FEA reaching target production of 500 million litres per annum by 2030.

We achieved a significant milestone towards this ambitious goal with the signing of a Memorandum of Understanding with regional power supplier Horizon Power on 12 July.

The initial agreement establishes a clear path forward for FEA and Horizon to explore opportunities for the development and production of renewable diesel in Western Australia.

This could potentially see FEA partner with Horizon on a range of opportunities, including direct investment in renewable diesel projects, offtake, power purchase agreements and new site locations.

The agreement highlights the potential for renewable diesel to accelerate decarbonisation of regional power generation, while also supporting regional economic growth and job creation.

We have received significant interest in our renewable fuels business from shareholders and have used this month’s video address to highlight our progress over the past 12 – 18 months.

Watch the full video below.