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December 10, 2020updated 28 Jul 2022 11:40am

Karoon ships first oil from newly acquired Brazilian oilfield

Australian company Karoon Energy has shipped the first oil from its recently acquired Baúna production field, offshore Brazil.

By Aninda Chakraborty

Australian company Karoon Energy has shipped its first oil from recently acquired Baúna production field, offshore Brazil.

The shipment contained more than 500,000 barrels of oil for the Asian market.

It was produced by the floating production storage and offloading (FPSO) unit Cidade de Itajaí after Karoon completed the acquisition of a 100% interest in the offshore field.

The company expects that the shipment and the following sale will boost its forecast revenue.

Karoon CEO and managing director Julian Fowles said: “The offloading of this oil cargo marks an enormously important step in Karoon’s transformation into a significant oil producer.

“It is a remarkable achievement for Karoon and all of those involved in the delivery of this project should be very proud.”

Headquartered in Melbourne, Karoon Energy has projects in Australia, Brazil and Peru.

Last month, Karoon Petróleo & Gás, a wholly owned subsidiary of Karoon Energy, completed the acquisition of a 100% operating interest in the Baúna field.

In July, the company signed a revised agreement to amend the payment terms.

Under the deal, the company will pay $380m of ‘firm’ consideration and up to $285m of ‘contingent’ consideration. Karoon Energy had already made some payments at closing.

Located in the Santos Basin, Baúna field’s existing production system includes six oil production wells, three water injection wells and one gas injection well tied back to Cidade de Itajai.

The field has three proven oil reservoirs called Baúna, Piracaba & Patola, collectively named Baúna.


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