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Karoon Energy Solidifies Its Transition From Exploration Company to Full Operator by Acquiring the FPSO Cidade de Itajaí from Altera&Ocyan, Strengthening Its Presence in the Baúna Field.
The oil company Karoon took a decisive step in its growth trajectory in Brazil by completing the acquisition of the FPSO Cidade de Itajaí, an essential unit for production in the Baúna field, in the Santos Basin.
The deal, closed with Altera&Ocyan, was valued at US$ 115 million, with additional costs of approximately US$ 8 million, and the final payment of US$ 85 million was made on April 30, 2025.
The transaction marks a strategic move by the company, which seeks to consolidate its role as an operator of offshore oil and gas assets.
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Operational Transition Supported by Altera&Ocyan
As part of the agreement, a transition service contract was signed with Altera&Ocyan.
The goal is to ensure the continuity of operations and to provide an efficient handover, while Karoon progressively takes over operational control of the FPSO Cidade de Itajaí.
The oil company has also initiated a bidding process to select a new service provider that will partner with the company in operating the unit.
The process is expected to be completed by mid-2025.
Strategic Milestone for Karoon
For Julian Fowles, CEO and General Director of Karoon, the acquisition symbolizes a significant advancement in the company’s trajectory in recent years.
“The ownership of the FPSO grants Karoon direct strategic control over the facility. This will enhance our ability to manage operational performance and reduce long-term operating costs, as well as provide us with greater flexibility to revitalize the facility, thus extending the life of the field and increasing the value of the Baúna Project,” stated the executive.
The purchase of the FPSO Cidade de Itajaí represents more than just a commercial transaction.
For Karoon, it is an essential step in its transformation from a company focused solely on exploration to an operator of offshore production fields.
The move reinforces the oil company’s strategy to consolidate its presence in the Brazilian market, enhancing the efficiency of its operations and optimizing its resources with greater autonomy.
Strengthening Presence in the Santos Basin
With this acquisition, Karoon strengthens its position in the Santos Basin, one of the most promising regions in the country for the oil and gas sector.
The operation of the FPSO Cidade de Itajaí, now under the company’s direct control, is expected to boost production capacity and the ongoing development of the Baúna field, one of the company’s main assets in Brazil.
Source: Petronotícias
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