Latest Offshore Brazil News

Karoon Energy has advanced a revised, phased development plan for its Neon offshore Brazil project into Front-End Engineering Design, with Phase 1 capital costs reduced to US$800-950 million. The project targets first oil in 2030, but a farm-down partner and further technical work remain prerequisites for a final investment decision.

Finder Energy has agreed to acquire the versatile FPSO Petrojarl I for US$15 million, aiming to fast-track the KTJ Project with a targeted final investment decision by mid-2026 and first oil by the end of 2027. The company is raising A$25 million through a two-tranche placement to fund this acquisition and project development.

Karoon Energy reported a 12% production dip in Q3 2025 due to operational challenges but saw a 3% revenue increase driven by higher oil prices and secured a new deepwater block in Brazil.

Karoon Energy has significantly upgraded its Baúna Project 2P Reserves by 35%, extending the field’s economic life by seven years to 2039, driven by the recent FPSO acquisition and improved reservoir performance.

Karoon Energy has finalized the acquisition of the Baúna FPSO vessel, marking a pivotal shift from exploration to operational control that promises enhanced efficiency and potential asset longevity.