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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
