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Karoon Gas entered the development and production phase of the Echidna and Kangaroo light oil fields located in Brazil
Regarding the Kangaroo and Echidna discoveries, located in the Santos Basin, Karoon received ANP approval of the Final Discovery Assessment Report (RFAD) for wholly owned blocks SM-1037, SM-1101, SM-1102, SM- 1165 and SM -1166 together with a declaration of commerciality (DoC). Karoon said on Friday that it submitted the RFAD and DoC documents in early May to the Brazilian oil and gas regulatory agency, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).
The documents describe two distinct areas identified for retention, which include the Echidna and Kangaroo oil accumulations, along with some prospective near-field resource opportunities. As is the convention in Brazil, in the Declaration of Commerciality, the names of the fields are given to the parts of the asset that are in different blocks, being named according to the maritime entities. As each field crosses two blocks, Kangaroo will officially become GOIÁ and GOIÁ SUL and Echidna will become NEON and NEON SUL.
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The ANP's RFAD and DoC approval marks the end of the exploratory phase and the beginning of the development and production phase. Karoon noted that while the approval marks the beginning of the development and production phase, it does not constitute a final investment decision (FID).
An FID will be evaluated by Karoon irrespective of these approvals and Karoon is expected to be in a position to decide on the FID by the end of 2018. Karoon is expected to submit a development plan within 180 days of the DoC. The first development phase proposes two extended horizontal production wells and a gas injection well with the potential to include Kangaroo as a second phase option.
And talking about light oil, we wrote an article about the difficulty that the Brazil has to process oil and good quality and the reason we import so much from abroad, check out the full story here, can help you understand some factors that contribute to the increase in fuel prices in our country.
