The Cidade de Itajai FPSO
Karoon makes a splash
The previously exploration-focused firm has expanded its footprint offshore Brazil and is now eyeing further production opportunities
The aggressive divestment drive of Brazilian state oil company Petrobras has attracted the attention of many operators over the past year. Australia-based explorer Karoon Energy was one that pounced early—snapping up the mature Bauna field from Petrobras in November—and soon after transitioning into becoming a producer for the first time. And offshore Brazil is central to Karoon’s long-term growth. In early June, the firm reached FID at the Patola field—where investment is expected to reach around $175-195mn—in the southern Santos basin and has since begun assessing whether to push for FID at its Neon and Goia fields. Petroleum Economist spoke with CEO Julian Fowles to learn more about Karoo
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
