Preheat oven to 350°F. Line a large baking sheet with parchment paper or a silicone baking mat.
In a small bowl use a whisk to sift together the flour, baking soda, baking powder and salt.
In a separate medium bowl using an electric mixer on medium speed cream together the oil, granulated sugar and light brown sugar until well incorporated. Beat for around 1-2 minutes.
To the bowl add the coconut extract, vanilla extract and egg. Mix on a low setting for only 20-30 seconds, or just until combined.
Lower the speed of the mixer and gradually add the sifted dry ingredients. Beat until the dough is no longer crumbly and the flour is fully incorporated.
By hand fold in the flaked coconut, milk chocolate chips and dark chocolate chips until evenly distributed in the dough.
Scoop balls of dough onto prepared baking sheet (about 1 1/2 tablespoons of dough per cookie) leaving 2 inches between each cookie for spreading.
Bake for 10-13 minutes or until lightly golden brown on tops and edges of the cookies.
Cool on the pan for 2 minutes then transfer to a cooling rack to cool completely.