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Aiming at more sustainability and reducing the environmental impacts of its production chain, such as the emission of polluting gases, Karoon invests in solutions based on nature as it seeks to double its oil production by 2023.
The Australian oil and natural gas company Karoon is, this Friday, (29/07), with the goal of doubling its oil production in the Brazilian territory until the year 2023 and, for that, it intends to invest in solutions based in nature, as a way of reducing the environmental impacts of its production expansion campaign. The sector of oil and gas it is still one of the most polluting on the national market and the company intends to reduce polluting emissions with the initiative.
Karoon oil production in Brazil is expected to double by the end of 2023 and the company is looking for nature-based solutions to reduce polluting gas emissions
The Australian oil company Karoon has a strong expansion plan for the Brazilian oil and gas market during 2023, as it intends to double its oil production to 25 and 26 barrels of oil per day next year. In this way, the company knows that the expansion plan will lead to a strong increase in environmental impacts and has started to think about a sustainability initiative to mitigate the damage.
Thus, Karoon has an investment plan in so-called nature-based solutions, projects aimed at contributing to the environment and aimed at reducing the impacts of its production chain. These are actions to protect, sustainably manage and restore natural or modified ecosystems and the company's main focus in the short term is forestry, planting and reforestation projects.
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In addition, the president of Karoon in Brazil, Antônio Guimarães, pointed out that the company is also thinking of investing in alternative fuel projects for this year, since this is a branch strongly linked to solutions based on nature.
Finally, he mentioned that one of Karoon's projects is still investing in carbon capture projects in the sugar and alcohol industry and generating ethanol as a by-product. "But the focus is not on looking for ethanol production... It's not looking for a biofuel project to solve my carbon problem," said the executive.
Australian bets on the carbon market as an initiative for nature-based solutions amid the race to double oil production by 2023
The next bet of the Karoon company to mitigate the environmental damage of its oil production expansion project in 2023 is the voluntary market of carbon. Thus, the company has already purchased credits equivalent to 60% of the necessary compensation for emissions from 2022 to 2029, thus guaranteeing a good reserve to reduce pollutant emissions over the next few years.
The company, in addition to reinforcing its project to double oil production in Brazil in 2023, assumed the commitment to become carbon neutral by the year 2035 in scopes 1 and 2. In this way, solutions based on nature will not only guarantee the reduction of the impacts of its production, as will be the basis for it to achieve the goal of neutralizing emissions.
Learn more about the Australian company Karoon
Karoon is an oil, gas and fuel company founded in Australia in 2004 and, in 2008, was attracted to the Santos Basin, off the coast of Brazil, by the geology of the basin, at the same time that the main pre-salt discoveries were being made in Brazil. Since then, the company has been developing projects in the country and now intends to expand its oil production next year.
