Australian oil company seeks property in Brazil – 10/16/2021

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Brazil has assumed a leadership position in the investment strategy of Australian oil company Karoon, since the company bought the Baona field after salt in the Santos Basin from Petrobras last October. The plan is to double daily production to 14,600 barrels of oil equivalent (boe) by the beginning of 2023, which would require US$300 million. This is just the beginning of the Australian’s trajectory in the country. New acquisitions are on the radar.

“My mandate is to identify opportunities and expand the company. I have carte blanche for that,” explained Antonio Guimaraes estado/broadcast.

He took over a month ago, after the company sparked an international competition looking for an executive to lead business in the country. For more than seven years, Guimaraes led the Brazilian Oil and Gas Institute (IBP), as secretary executive, defending the cause of large oil companies.

And, for about 34 years he worked at Shell. He left the Anglo-Dutch company to take on the challenge of leading a company that currently sees Brazil as its main opportunity for expansion. “Our strategy is to establish Karun as a recognized and reliable oil producer,” the executive said, noting that, unlike most of its peers, it would generate royalty revenue for the state of So Paulo, not Rio de Rio de Janeiro. for Janeiro.

Brazil is the only country where the oil company has production assets. In Australia, its territories are still in the exploration stage. news from newspaper State of Sao Paulo.

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About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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