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Tag: Karoon

Karoon assumes full operatorship of Baúna FPSO

Karoon Energy has completed the transition process and officially assumed operatorship of the Baúna FPSO, formerly known as Cidade de Itajaí, in May.

The company acquired the FPSO from Altera Infrastructure and Ocyan in April 2025 for US$115 million, excluding transaction-related costs. Since then, Karoon and A&O have carried out an extensive transition program covering personnel, contracts, management systems and operational processes.

To support the handover, Karoon recruited personnel, transferred key service agreements and implemented new management systems, while securing all required regulatory approvals in Brazil.

According to the company, the transition was completed without disrupting operations. More than 80% of the existing FPSO workforce remained with the project, helping maintain operational continuity at the Baúna field in the Santos Basin.

CEO and Managing Director Carri Lockhart stated that more than 700 people participated in the company’s strategic initiatives throughout the transition process. She added that assuming operatorship of the FPSO represents an important milestone in Karoon’s evolution into a fully integrated offshore oil and gas operator.

02/06/2026
Brazil’s 3rd Permmanent Sharing Offer: Five Pre-Salt Blocks Awarded
On October 22, Brazil’s National Agency for Petroleum, Natural Gas and Biofuels (ANP) held the 3rd Permanent Sharing Offer in Rio de Janeiro. Of the seven pre-salt blocks offered, five were awarded — Esmeralda and Ametista, in the Santos Basin, and Citrino, Itaimbezinho, and Jaspe, in the Campos Basin.

The winners were:
- Karoon – Esmeralda
- CNOOC (70%) and Sinopec (30%) – Ametista
- Petrobras – Citrino
- Equinor – Itaimbezinho
- Petrobras (60%) and Equinor (40%) – Jaspe
Jaspe received the highest bid of the round, offering 32.85% of profit oil to the State, after Petrobras exercised its right of first refusal over Chevron’s proposal. Signature bonuses totaled BRL 103.7 million, with initial exploration investments of BRL 451.5 million.

The round marked the debut of independents Karoon and Sinopec under Brazil’s production-sharing regime, signaling greater diversity among operators historically dominated by majors. The Chinese consortium CNOOC–Sinopec became the first state-owned operator from China to lead a pre-salt area.

Despite the absence of most traditional majors, the auction was deemed a success given the current oil price volatility and reduced attractiveness of the sharing regime. Citrino registered the highest premium, with 251.63% above the minimum profit oil percentage.

ANP Director Symone Araujo emphasized that “replacing reserves is a fundamental duty for energy security.” The agency is now preparing the technical presentation of 16 new blocks for inclusion in the next bidding cycle, potentially bringing 26 new areas to the market under the sharing regime.

Contract signing is expected by May 2026.

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22/10/2025
Breaking news

Karoon has announced planned investments between USD 55 million and USD 65 million in 2026 to revitalize the FPSO Cidade de Itajaí at the Baúna field, along with an additional allocation of up to USD 90 million between 2030 and 2034 to extend the unit’s operating life. The company also revised abandonment costs for the field, now estimated at USD 260 million through 2039. Following positive production results, proven and probable reserves increased by 35%, reaching 52.7 million barrels. The project’s economic life has been extended from 2032 to 2039, with production expected to continue until 2040.

Petrobras expects to complete this week the Pre-Operational Assessment (APO) required to obtain Ibama’s license to begin oil exploration in well FZA-M-59, off the coast of Amapá. This step is regarded as the final stage before environmental clearance is granted and focuses on testing environmental safety, including simulated oil spills, equipment failures and emergency response protocols. The operation mobilizes around 400 professionals, 13 vessels and 3 aircraft. Ibama had previously denied the license request, but Petrobras sought reconsideration, committing to additional protection measures.

Adding to the sector’s activity, Petrobras has also extended the deadline for Opportunity 7004478234, a significant tender for up to six Service Operation Vessels (SOVs), now set for September 12th, 2025..

Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.

28/08/2025
Offshore Highlights

• Karoon Energy has resumed production at the Baúna Field in the Santos Basin after a 20-day planned maintenance. With the SPS-88 well back online, output increased to approximately 26,500 bopd, exceeding pre-shutdown levels.

• The hull of FPSO P-80 has departed the CIMC Raffles shipyard in China and is now en route to Singapore, where Seatrium will handle the topside module integration. The unit is expected to begin operations in the Búzios Field, pre-salt Santos Basin, in 2027.

• BW Offshore has reached a settlement with PRIO over the long-standing dispute involving the FPSO Polvo, ongoing since 2021. The Norwegian Owner is due to receive around USD 36 million.

04/04/2025
Karoon acquires FPSO

Karoon Energy has acquired 100% of the FPSO Cidade de Itajaí from Altera Infrastructure & Ocyan for $115 million. The deal also includes approximately $8 million in transaction costs, with the bureaucratic procedures expected to be completed by April.

The vessel has been operating in the Baúna Field, Santos Basin, since 2013 and has a production capacity of up to 80,000 barrels of oil per day (boed) and gas compression capacity of 2 million cubic meters per day.

Karoon has owned the Baúna Field since 2020. Now, as both the field and FPSO owner, the Australian company will seek a new operator for the unit. Until then, Altera & Ocyan will continue managing operations.

28/02/2025