Oil and gas explorer Karoon Energy Ltd. said on June 3 it had taken a final investment decision to develop the Patola project in the Santos Basin offshore southern Brazil.
The project is expected to cost between $175 million and $195 million to develop, which Karoon said it plans to fund through a syndicated facility agreement and cash. Production of more than 10,000 barrels of oil per day is initially anticipated, the company said, adding first production is slated for the first quarter of 2023.
“The decision on the Patola Project now brings our capital expenditure commitments in Brazil to nearly $1 billion,” Chairman Bruce Phillips said in a release.
The project is located near the company’s Baúna oil field, which it bought from Brazilian energy giant Petrobras in July 2020 for $665 million.
Argentina's Vaca Muerta Could Pump 1 MMbbl/d of Crude by 2030, Rystad Says
2023-06-01 - Argentina's Vaca Muerta shale formation could produce more than 1 MMbbl/d of crude by 2030 if the country solves transportation capacity issues.
Enterprise Completes Acadian Haynesville Pipeline Extension
2023-06-01 - The Acadian extension is one of multiple projects totaling $3.8 billion Enterprise plans to put in service in 2023.
VTX Seeks More Southern Delaware M&A, May Step Outside Permian
2023-05-30 - After closing an acquisition in Pecos and Reeves counties, Texas, with a value of at least $1.5 billion, Vitol-backed VTX Energy Partners aims to grow larger.
Double Eagle Expands in Permian, Eyes Fifth Rig in July
2023-05-24 - Double Eagle IV is currently running four rigs and will pick up a fifth rig in July, the company’s co-CEO and co-founder Cody Campbell revealed May 23 during Hart Energy’s Super DUG event in Fort Worth, Texas.