Friday 11 December 2020

Karoon Energy is pleased to announce it has off-loaded its first shipment amounting to over 500,000 barrels of oil, safely and on time, from its newly acquired Baúna production field, offshore Brazil.

The shipment comprised oil produced by the FPSO Cidade de Itajaí, which is operated by the joint venture Altera&Ocyan (a 50/50 partnership between Ocyan and Altera Infrastructure), in the period since Karoon closed its acquisition of a 100% interest in the Baúna field on 6 November 2020. The cargo has been loaded onto the Lambada Spirit shuttle tanker for transfer to a Very Large Crude Carrier and ultimate delivery to the Asian market.

The recent rally in global oil prices will be reflected in the terms of the shipment’s sale and is expected to provide a positive boost to Karoon’s forecast revenue.

Karoon’s CEO and Managing Director, Julian Fowles said that the first shipment was a highly significant milestone for the company. “The offloading of this oil cargo marks an enormously important step in Karoon’s transformation into a significant oil producer. It is a remarkable achievement for Karoon and all of those involved in the delivery of this project should be very proud.”