Karoon Seeks Partner for Oil Project in Brazil and Plans $1 Billion Investment

Written by Eliel Albino

Published on 07/10/2024 at 16:49

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Australian Company Studies Partnership To Develop Neon Oil Project On The Brazilian Coast

You won’t believe what Karoon is preparing for the oil sector in Brazil!

Karoon, an Australian energy company, is assessing the possibility of incorporating a partner in its ambitious Neon oil project located in the Santos Basin on the Brazilian coast. Karoon’s global CEO, Julian Fowles, revealed that the venture may require investments of over US$ 500 million, and the company is looking for strategies to improve the asset’s profitability.

“We have been operating Baúna for almost four years, producing about 25,000 barrels of oil per day, but we want to look beyond 2025,” stated Fowles. “The Neon project is our next big step, and bringing in a partner could be crucial to turning this opportunity into a solid investment case.”

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Neon Project

The Neon project has about 60 million barrels of contingent 2C reserves, and its proximity to the Goiá discovery, which has another 27 million barrels, makes the volume even more attractive. However, high capex costs in the oil sector are challenging Karoon. “We need to ensure that the minimum volumes of Neon can still be profitable. At the moment, they are marginal, so it’s complicated,” the CEO explained.

Karoon is considering developing an autonomous facility for Neon instead of connecting it to the Baúna field. “We could achieve significant production in Neon if we have an independent facility there, which would allow us to connect to the Goiá discovery,” Fowles emphasized.

Regarding the possibility of bringing in a partner, Fowles said: “For a field with development risk, companies typically bring in partners. This is something we are analyzing; we are studying the right moment to talk to the market about potential partners.”

Karoon is also keeping an eye on future bidding rounds for oil and gas in Brazil, aiming to expand its exploration portfolio. “If we manage to make Neon work, then around that area there may be something that would be useful for our portfolio,” he commented.

Despite the challenges, the company maintains a positive outlook on the Brazilian oil market. “We have invested well over US$ 1 billion in Brazil, and I want to reach the next billion after that,” Fowles stated. He also praised the regulatory stability of the country but mentioned the scare regarding the export tax on oil last year.

With so many ambitious plans, Karoon shows confidence in the potential of the Brazilian oil market. And you, do you believe that the entry of a partner could boost the Neon project and further enhance oil production in Brazil?

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Karoon Seeks Partner for Oil Project in Brazil and Plans $1 Billion Investment

Australian Company Studies Partnership To Develop Neon Oil Project On The Brazilian Coast

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Karoon Seeks Partner for Oil Project in Brazil and Plans $1 Billion Investment

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