Karoon upgrades forecast of shallow water reserves in Santos Basin

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May 9, 2018

Karoon said on Tuesday that shallow water fields in the Santos Basin have between 46 million and 138 million barrels of contingent resources. The review of the reserves of Echidna and Kangaroo was made upon completion of further studies.

The plan for the region is to install, in 2019, an FPSO with the capacity to produce 40,000 barrels / day of oil. To do so, Karoon hopes to attract at least one partner to the project, which currently has 100%.

The project under development provides for the connection of two horizontal wells and an estimated production of 28 thousand barrels per day. Echidna and Kangaroo have light oil reservoirs and no natural gas reserves will be developed.

The first studies indicated in May 2015 that the fields would be between 45 million and 252 million barrels in contingency, but took into account the arithmetic aggregation of volumes in the reservoirs.

The revision to between 46 million in the lowest scenario (1C) and 138 million in the highest (3C) – 82 million in the best scenario (2C) – takes into account the dependence between reservoirs, a statistical aggregation, and the update of the geological model, with new data.

The assets are in blocks S-M-1037, S-M-1101, S-M-1102, S-M-1165 and SM-1166 in the Santos Basin. In addition to Kangaroo and Echidna, there are other prospective resources in the concessions.

The Australian company has assets in Australia and Peru, as well as Brazil, where the projects are at a more advanced level of development.

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