Australia’s Karoon Takes FID on Patola Oil Field

Australian independent Karoon Energy has made a positive final investment decision (FID) on the 10,000 b/d Patola oil field in the Santos basin offshore Brazil at a development cost of $175mn-195mn, with first oil to be produced in January-March 2023.

The Patola crude will be marketed by Shell following an agreement between the two firms in October 2019, with the oil sale price linked to the Brent crude benchmark, Karoon said.

The Patola field is near the 20,000 b/d Bauna oil field, which Karoon bought for around $140mn from Brazilian state-controlled energy firm Petrobras last November.