JOINT DEVELOPMENT OF KAROON’S NEON AND GOIÁ FIELDS WILL RECEIVE INVESTMENTS OF UP TO US$784 MILLION

The National Petroleum Agency (ANP) approved this afternoon today (10) the integrated development plan for the Neon and Goiá fields, in the Santos Basin. The two areas are operated by the Australian Karoon, who preferred to propose a joint development plan, as the fields’ production unit will be shared.

The firm investments proposed for the development of Neon will be US$484 million between 2020 and 2024. The resources for Goiá, on the other hand, are contingent on the results in Neon and amount to an estimated amount of US$300 million.

In the case of Neon, Karoon plans to drill one vertical producer well, two horizontal producer wells and one gas injection well. These wells will be interconnected to a single FPSO, with first oil scheduled for 2024. There are also contingent plans for Neon that involve two more horizontal producing wells.

For Goiá, the development plan projects the drilling of three producers in tie back for the FPSO Neon. The first oil is scheduled for 2027. The two fields were purchased by Karoon in 2008, during the 9th Bidding Round of the ANP.

Recently the oil company had already announced an investment between US$ 175 million and US$ 195 million in the development of Patola, also in the Santos Basin.

“Patola’s final investment decision is an important milestone in our journey to become a major oil producer. The decision to proceed with this development is a testament to the hard work and strong collaboration between our teams in Brazil and Australia”, commented the CEO of Karoon, Julian Fowles.

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