Karoon intends to invest US$ 195 million in Campo de Patola, located in block BM-S-40, in the Santos Basin

Karoon, the Australian oil company, announced this week its final decision on its intention to invest in the Santos Basin, more precisely in the BM-S-40 block of the Patola field

Showing its seriousness in becoming a major oil producer, Karoon announced this week that it intends to invest around US$ 175 to US$ 195 million in the Patola field, in block BM-S-40, in the Santos Basin. The expectation is that more than 10 barrels of oil per day will be produced through this investment.

Read also

• Australian company Karoon chooses TechnipFMC to supply equipment for the Patola field in the Santos basin
• Karoon Energy decided to go ahead with the acquisition of long-life production assets
• Karoon has approval from the National Petroleum Agency to take over the offshore field of Bauna from Petrobras

Karoon intends to invest US$ 195 million in the Santos Basin

The company intends to invest between US$ 175 million and US$ 195 million in the Santos Basin field for the development of the area. Of this total, around US$ 17 million has already been used so far.

The Santos Basin field development consists of two subsea production wells. The wells will be drilled and completed using the platform Maersk Developer, a positioned semi-submersible platform capable of operating in depths of up to 10.000 feet, which was recently commissioned by Karoon.

INDUSTRY AND TRADE – FREE MARKET

The rig will be in the Patola field in the Santos Basin shortly after the completion of the Intervention Program for four wells in the Baúna field. According to Karoon, after investing in the BM-S-40 block, an initial rate of approximately 10 barrels of oil per day will be produced in top quality reservoirs. As for oil, the first productions are expected for the first quarter of 2023.

Karoon CEO is excited about investments in the Brazilian oil market

According to Karoon's CEO, Julian Fowles, the decision to invest in the Santos Basin field is of paramount importance for the oil company to become a major oil producer. He says the decision to invest in these operations is a testament to the hard work and strong collaboration between the company's teams in Australia and Brazil. The company's expectation is that the Patola Field will materially add to its production base, with a production of approximately 30.000 barrels of oil per day at the beginning of 2023. This expectation is much more than double the current production rates.

TechnipFMC will develop the structure in the Santos Basin

TechnipFMC will be responsible for developing Patola's subsea infrastructure, according to a Karoon announcement. In the companies' EPCI contract, Christmas trees, risers, flowlines, umbilicals and controls are included.

The infrastructure developed by TechnipFMS will be connected to the FPSO in the Patola field and the installation and delivery of the equipment is scheduled for the second half of 2023. According to Fowles, the company is very pleased to have hired TechnipFMC, which is currently one of the world's leading specialists in infrastructure projects and installations for offshore operations.