Karoon acquires FPSO

Karoon Energy Acquires FPSO Cidade de Itajaí for $115 Million

Karoon Energy has finalized its $115 million acquisition of the FPSO Cidade de Itajaí from Altera & Ocyan. The deal, which also includes approximately $8 million in transaction costs, was initiated in February.

Operating in the Baúna Field in the Santos Basin since 2013, the FPSO has a production capacity of up to 80,000 barrels of oil per day (boed) and a gas compression capacity of 2 million cubic meters per day.

Karoon, which has owned the Baúna Field since 2020, now takes full control of both the field and its production vessel. The company plans to transfer operational management to a new operator by mid-2025. Until then, Altera & Ocyan will continue to oversee operations.

“Taking ownership of the Cidade de Itajaí FPSO marks a further significant milestone in Karoon’s evolution over the past five years, from an explorer to an operator of offshore oil and gas production assets,” said Julian Fowles, CEO and Managing Director of Karoon.