Karoon Eyes New Acquisitions in Brazil Amid Expanding Presence

Australian oil producer Karoon has its sights set on further expansion in Brazil's Santos Basin and Gulf of Mexico, having already qualified for the National Petroleum Agency's (ANP) upcoming auction cycle in October.

Karoon's global CEO, Carri Lockhart, emphasized the company's focus on strengthening its existing operations in Brazil by exploring new acquisitions, stating that 'whether pre-salt or post-salt, we look at everything, like any operator.'

The company has a significant presence in Brazil, with an average production of 20,000 barrels per day and several assets, including the Baúna field in the Santos Basin. Karoon acquired the Esmeralda block in the Santos Basin pre-salt in October 2025 and expects to invest between $89 million and $97 million in the Baúna field this year.

In the U.S., Karoon holds interests in offshore assets on the U.S. side of the Gulf of Mexico, with its producing assets located in the Dome Patrol and Abilene fields. Lockhart highlighted the similarities between operations in Brazil and the U.S. but noted that there are distinct differences due to variations in regulatory frameworks.