Karoon eyeing ‘hundreds of millions of barrels of oil’ in new offshore block in Brazil

Brazilian oil and gas regulator ANP last week held a licensing round, offering 287 offshore and onshore exploration blocks for oil companies to bid for.

Out of the 287 blocks, it offered 76 offshore blocks in the Santos basin, the second largest producer of oil and the first of natural gas in Brazil.

Only one bid was submitted for the Santos Basin acreage, coming from the Australian oil and gas minnow Karoon Oil and Gas, for a prospective 171 square km offshore block in the Santos Basin in the state of Santa Catarina, Brazil, just south of Rio de Janeiro with a water depth of approximately 400m.

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