Last week we released our 2020-21 Annual Report capping off an exciting year of progress for the Dorado field development, the Buffalo field redevelopment and further exploration initiatives in the highly prospective Bedout basin. 

It also outlines our Net Zero by 2050 commitment, which has formed the basis for an exciting new joint venture with Frontier Impact Group. The joint venture will be developing a commercial and scalable renewable fuels business right here in Western Australia.

Forbes commented on the strengthening oil market with prices having several strong weeks of late with also the potential for further upward pressure on oil prices in the latter part of the year.

The strengthening oil price, driven by higher than expected oil demand, has led  OPEC+ to raise monthly output, with the US calling for even speedier output growth as global demand recovers.

As an emerging leader in the energy industry, Carnarvon’s commitment to shareholders through innovation, partnerships and diversification in the oil and gas sector remains the forefront of our thinking.

I take this opportunity to thank all directors, my executives, staff and shareholders, who continue to steer Carnarvon in a positive direction.