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Karoon Energy, a global energy company headquartered in Australia, plans to add between 15,000 and 20,000 barrels of oil by the beginning of 2023
The CEO of Karoon Energy stated today, on this Monday (09/20), that the company sees strong growth prospects in Brazil, where it began oil production last year, working to more than double oil production by 2023 and considering two options to develop another field by the middle of the decade. Also, check this news: Karoon plans to invest US$ 195 million in the Patola Field, located in Block BM-S-40 of the Santos Basin
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Karoon Projects an Increase in Oil Production
Karoon produced an average of just over 13,000 barrels of oil per day in the eight months to June 30 after acquiring the Bauna oil field from Petrobras for $ 665 million and recorded oil sales revenue of US$ 170.8 million and a small net profit. “The result reflects a significant transformation for Karoon over the year,” said CEO Julian Fowles, who took the reins 10 months ago and appointed a new CFO and a new head to manage operations in Brazil.
Karoon intends to add between 15,000 and 20,000 bpd by the beginning of 2023, increasing production from existing wells in Bauna and connecting to the Patola field, a project expected to cost around US$ 185 million.
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Development in Oil Fields
Karoon is looking to develop the Neon field, either by building a 50 km to 60 km submarine pipeline to connect it to the floating production, storage and offloading (FPSO) vessel at Bauna or by installing an FPSO on top of the Neon field. Fowles said connecting Neon to the Bauna FPSO is looking increasingly attractive, as it will save on capital and operational costs and may help extend the life of the Bauna field by spreading fixed costs over both fields.
If the company proceeded with the development of Neon, first production would be around 2025 or 2026, said Fowles. Karoon is working on a strategy to help reduce emissions from its operations and seek offsets, which it plans to outline in October as it seeks to attract environmentally conscious lenders and investors.
Also Read: Karoon Signs Contract with Maersk for Intervention in Four Oil Wells in the Santos Basin
Maersk Drilling, an offshore drilling contractor, has signed a contract with Karoon Energy to carry out intervention in four oil wells in the Baúna field, located in the Santos Basin. Maersk stated that the contract is scheduled to start in the first half of 2022 and will be valid for 110 days.
The total contract value is approximately US$ 34 million, including the costs of modification and mobilization of the rig. The contract includes the option to extend the drilling time by up to 150 days to perform interventions in the Patola and Neon oil fields, also located in the Santos Basin.
In November of last year, Karoon signed a contract with Petrobras for the purchase of the Baúna field, located in the Santos Basin, for the value of US$ 285 million, which can be paid until 2026. According to the state-owned company, Karoon paid US$ 150 million to complete the transaction, which added to the US$ 49.9 million paid in July 2019, when the sales contract was signed. The remaining installments, estimated at around US$ 40 million, will be paid by Karoon over 18 months. Both parties agreed that Petrobras would receive the contingent part of the price before 2026, totaling US$ 285 million. The state-owned company added that, with this transaction, Karoon would become the operator of the concession with 100% ownership.
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