Karoon Energy looking at bigger picture as position in Brazil strengthens

Brazil-focused Karoon Energy is eyeing a new field development — Neon — that will boost its production in the South American nation when it comes on stream in five years’ time.

The Australian independent is also on the hunt for potential mergers and acquisitions in Brazil despite last year’s unsuccessful attempt to acquire a 50% interest in the Atlanta field in the Santos basin.

Karoon’s growing profile in Brazil is the result of persistence, given the legal hurdles it has surmounted there, and marks a relatively rare success for an international independent oil company in a country where there is often legal and political opposition to the divestment of assets held by state-controlled Petrobras.