Australian oil firm Karoon Energy's oil output fell in July-September due to operational issues, but sales volumes declined less significantly because of cargo timings at its Bauna asset offshore Brazil.
Electrical issues in the SPS-92 electrical submersible pump (ESP) in mid-August and the disconnection of the PRA-2 subsea control umbilical in mid-September, both at the Bauna project in Brazil, caused production to decline on the year and the quarter, Melbourne-based Karoon said.
Output at its Who Dat assets in the US Gulf fell by 12pc on the quarter, after a five-day planned shutdown, unplanned downtime and field decline.
The firm aims to restore SPS-92 and PRA-2 well production by mid-2026, identifying a drilling rig to replace the ESP at SPS-92, to begin operations in April-June 2026. This will reinstate about 5,000 b/d production, Karoon said.
A bid for the deepwater expansion block in Brazil's offshore Santos basin known as Esmeralda has been accepted by Brazil's licensing authority, Karoon said, adding that the Who Dat E6 sidetrack well drilling began post the end of the quarter. Karoon anticipates gross production of 3,000-5,000 b/d from late 2025, if Who Dat E6 is successful.
Karoon's previous guidance of 26,600-28,800 b/d of oil equivalent (boe/d) has been narrowed to 26,900-28,800 boe/d.
Capital expenditure is forecast at $95-111mn from a prior $120-140mn, due to deferment of costs for a possible second Who Dat infill well to next year.
| Karoon Energy results | |||||
| Jul-Sep '25 | Apr-Jun '25 | Jul-Sep '24 | y-o-y ± % | q-o-q ± % | |
| Sales revenue ($mn) | 164 | 160 | 145 | 13 | 3 |
| Production (boe/d) | 29,700 | 34,100 | 31,000 | -4 | -13 |
| Sales volume (boe/d) | 27,400 | 28,700 | 22,400 | 22 | -5 |
| Average prices ($/bl) | |||||
| Bauna oil price | 68.7 | 64.15 | 75.98 | -10 | 7 |
| Who Dat sales gas ($/mn ft³) | 4.15 | 3.92 | 2.83 | 47 | 6 |
| Who Dat oil, condensate, NGLs | 62.32 | 64.39 | 75.09 | -17 | -3 |
| Source: Karoon Energy | |||||
