Australian Karoon Aims to Double Oil Production in 2023 and Will Invest in Nature-Based Solutions to Mitigate Environmental Impacts

Aiming For More Sustainability And Reducing Environmental Impacts Of Its Production Chain, Such As Greenhouse Gas Emissions, Karoon Invests In Nature-Based Solutions While Seeking To Double Its Oil Production In 2023.

The Australian oil and natural gas company Karoon is, this Friday (07/29), aiming to double its oil production in Brazil by 2023 and, to this end, intends to invest in nature-based solutions as a way to reduce the environmental impacts of its production expansion campaign. The oil and gas sector is still one of the most polluting in the national market, and the company aims to reduce pollutant emissions with this initiative.

Karoon’s Oil Production In Brazil Is Set To Double By The End Of 2023 And The Company Is Seeking Nature-Based Solutions To Reduce Greenhouse 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 25,000 and 26,000 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 begun to consider 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 that seek to reduce the impacts of its production chain. These actions are intended to protect, sustainably manage, and restore natural or modified ecosystems, with the company’s main focus in the short term being forest projects for planting and reforestation.

Recomendado para você

Oil and Gas

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Technical Agenda and the Fair in the City of Macaé Should Boost Discussions on Investments, Energy Transition, and Development of the Oil, Gas, and Energy Chain in the National...

Paulo Nogueira

1

Additionally, Karoon’s president in Brazil, Antônio Guimarães, highlighted that the company is also considering investing in alternative fuel projects for this year, as this is a sector closely linked to nature-based solutions.

Finally, he mentioned that one of Karoon’s projects is still to invest in carbon capture projects in the sugarcane industry that generate ethanol as a byproduct. “But the focus is not on seeking ethanol production… It’s not looking for a biofuels project to solve my carbon problem,” the executive stated. 

Australian Company Bets On The Carbon Market As A Nature-Based Solution Initiative Amid The Race To Double Oil Production In 2023

Karoon’s next bet to mitigate the environmental damage of its oil production expansion project in 2023 is the voluntary carbon market. Thus, the company has already purchased credits equivalent to 60% of the compensations needed for emissions from 2022 to 2029, thereby ensuring a good reserve to reduce pollutant emissions in the coming years. 

The company, in addition to reinforcing its plan to double oil production in Brazil in 2023, has committed to becoming carbon neutral by 2035 in scopes 1 and 2. Thus, nature-based solutions will not only ensure the reduction of the impacts of its production, but also serve as the foundation to achieve its emission neutrality goal. 

Learn More About The Australian Company Karoon

Karoon is a company in the oil, gas, and fuels sector founded in Australia in 2004, and in 2008, it was attracted to the Santos Basin on the coast of Brazil by the geology of the basin, as the main pre-salt discoveries were being made in Brazil. Since then, the company has been developing projects in the country and now aims to expand its oil production next year.