With assets in Peru and Brazil, Australia’s Karoon has been progressing developments within South America’s oil and gas segment. Yet, Brazil is seen as a very strategic country for the company.
In 2017 Karoon expanded its presence in Latin America’s largest oil-producing country, acquiring its sixth block—S-M-1537—in the Santos Basin for about $6.3 million during Brazil’s 14th bidding round. The company has a decade of technical and operational experience in the southern Santos Basin with five blocks—S-M-1037, S-M-1101, S-M-1102, S-M-1165 and S-M-1166—acquired in the 9th bidding round.
“We always believed that Karoon’s first oil would be produced in Brazil,” Karoon South America General Manager Tim Hoskings said.
The company’s activities in Brazil have been hot. Since 2013 Karoon has operated two drilling campaigns and a total of six wells, and it has made three oil discoveries: Echidna, Kangaroo and Bilby fields.
However, the company is making a big bet on the Echidna oil field.
“Echidna is a project that represents our future in the country with constant investment in research, analysis and professional training. This field is a milestone for us to constantly evaluate our progress in terms of strict environmental guidelines and prospects for productive development in the medium term,” Hoskings said.