(offshore-energy.biz) Australia’s oil and gas company Karoon Energy has set its cap on finding a partner ahead of making a final investment decision (FID) for an oil field discovery in the Santos Basin off the coast of Brazil. The firm is moving forward with the next stage of development, which includes the entry into the front-end engineering design (FEED) stage.
Karoon claims to have done extensive technical and commercial work on a possible development of the Neon field in Block S-M-1037, 75 kilometers northeast of the Baúna project in the Santos Basin. This work is said to have improved the estimated economics for the asset, leading the operator to conclude that a Neon standalone development has the potential to be “an attractive, value accretive growth opportunity.”
As a result, Neon has passed Decision Gate 2 and progressed into the ‘Define’ phase, entailing work to further mature the Neon field toward a possible FID, including the confirmation of final well numbers and phasing, location and design; the securing of an appropriate FPSO unit for redeployment; the definition of subsea infrastructure needed, and any modifications required to the vessel.
In addition, there is also the need to engage with the market for key supply and service contracts, such as a drilling rig; reduce capex uncertainty and optimize the value of the development; and undertake a farm-down process. The firm has divided its next phase activities into three stages to mitigate capital exposure before farm-out, providing intermediate review stages, with progression into the next stage dependent on technical and commercial progress and market conditions.
Read full article: https://www.offshore-energy.biz/hunt-for-partners-coming-soon-as-brazilian-oil-projects-cost-estimates-reach-up-to-1-2b/
Brazil Energy Insight 
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