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Through investments in the BM-S-40 block, the Karoon company has achieved an increase in the proven, possible and probable reserves located in the Santos Basin.
Oil major Karoon reported an increase in its 1P, 2P and 3P reserves. The proved reserve (1P), installed in the BM-S-40 block, which includes the producing fields of Baúna and Piracaba and the Patrola field, is still evolving. O block is located in the Santos Basin and has 42,8 million barrels and reserves, according to an assessment reviewed and certified by AGR Energy Services, on December 31, 2022, Saturday. In addition, the company also detailed that the BM-S-40 block has 55 million barrels in proven and probable reserves (2P), and 65,5 million barrels in proven, probable and possible reserves (3P). The volumes represent increases of 17%, 23% and 7%, respectively.
What are proven, probable and possible reserves?
Proven reserves (1P) correspond to the amount of oil or natural gas whose analysis of geoscience and engineering data indicates with reasonable certainty that they are commercially recoverable resources. Where the probability of resource recovery is equal to or greater than the estimate corresponding to 90%.
In probable (2P), the probability of recovering resources corresponds to at least 50%, based on the total value of resources. In the possible cases, this value corresponds to 10% of the amount of resources.
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Aiming at the growth of reserves, Karoon plans to rise in the ranking of oil companies in Brazilian territory
“The material increase in the Baúna reserves follows extensive seismic reprocessing, reservoir modeling and dynamic simulation work carried out by our technical teams in Brazil and Australia,” says Karoon CEO Julian Fowles.
“The resolution of the reprocessed seismic is significantly better than the legacy datasets, decreasing the uncertainty in field volumes. The results of the three recently completed interventions in the Baúna well were very positive and, together with the information from the two Patola wells, provided valuable additional data points, which also helped in defining the reserves,” he added.
The oil company has also recently advanced in preparations for the start of production in the Patola field. The company expects to start production in the area at the end of the first quarter of this year.
The Noble Developer drilling rig completed drilling schedules in mid-January. The accommodation of the wells and Christmas trees in the two wells at Patola was completed earlier this month.
The Australian company will have invested around US$ 1 billion since installing a subsidiary in Brazilian territory in 2008, and could become the third largest private oil producer in Brazil, excluding Petrobras, in the first half of 2023, Fowles said.
Learn a little about Karoon Energy and its operations in the Santos Basin
Karoon Energy is a globally focused energy company with oil production and exploration assets in Brazil. Headquartered in Melbourne, Australia, but with offices in Rio de Janeiro and Santa Catarina.
The oil company's objective is to provide profits through a high quality portfolio of production and development assets, promoting energy for a dynamic world and, thus, responsibly creating benefits for all its stakeholders (parties interested in the product supplied by the company ).
The company is committed to the environment and sustainability. Due to this, it neutralizes Scope 1 and 2 carbon, avoiding the emission of greenhouse gases (GHG). The company's goal is to be NetZero (not to emit more carbon or neutralize its emissions), in all scopes, by 2035.
