Ann: Dorado Project Update, page-56

It depends how far back you want to go but...

Technology helped. The development of the FPSO vessel made oil projects far more profitable- rather than the drilling platform. The development of LNG transformed gas production. Back in the day they could still find crude offshore- how rare has that become? And the NWSJV was not subject to PRRT and the condensate was exempt from federal excise. So, all that set WPL on its path- finding crude, favourable taxation and the LNG miracle. Then Australia started to run out of crude and the industry started to find dry gas and not wet gas... And do not get me started on capex costs and project overruns...

On the other hand, Dorado could be a marginal project at best. And the industry and Mr Market are both aware that offshore petroleum and capex blowout are often found in the same sentence.

Something like that.

IMHO DYOR