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Karoon, The Australian Oil Company, Announced This Week Its Final Decision Regarding Its Intent to Invest in the Santos Basin, More Specifically in the BM-S-40 Block of the Patola Field
Demonstrating its seriousness in becoming a significant oil producer, Karoon announced this week that it intends to invest around US$ 175 to US$ 195 million in the Patola field, in the BM-S-40 block of the Santos Basin. The expectation is that more than 10 thousand barrels of oil per day will be produced through this investment.
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Karoon Intends to Invest US$ 195 Million in the Santos Basin
The company intends to invest an amount ranging from US$ 175 million to US$ 195 million in the Santos Basin field for the development of the area. Out of this total, about US$ 17 million has already been utilized so far.
The development of the field in the Santos Basin consists of two subsea production wells. The wells will be drilled and completed using the Maersk Developer, a semi-submersible rig that has the capacity to operate in water depths of up to 10,000 feet, which has recently been contracted by Karoon.
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The rig will remain in the Patola field in the Santos Basin soon 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 thousand barrels of oil per day will be produced in high-quality reservoirs. The first oil productions are expected in the first quarter of 2023.
Karoon’s 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 states that the decision to invest in these operations is proof of the serious 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 daily at the beginning of 2023. This expectation is much more than double the current production rates.
TechnipFMC Will Develop the Infrastructure in the Santos Basin
The responsibility for developing the subsea infrastructure for Patola will be TechnipFMC, according to an announcement from Karoon. The companies’ EPCI contract includes Christmas trees, risers, flowlines, umbilicals, and controls.
The infrastructure developed by TechnipFMC will be connected to the Patola field’s FPSO, and the installation and delivery of the equipment are scheduled for the second half of 2023. According to Fowles, the company is very pleased to have contracted TechnipFMC, which is currently one of the world’s leading specialists in offshore operations infrastructure projects and installations.
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