The ASX-listed group spent $1.1 billion buying the interests last year. It plans to increase its spending in a bid to boost reserves by more than one third.
Already a subscriber?Karoon Energy is moving swiftly to try to capitalise on its $1.1 billion acquisition of oil and gas interests in the Gulf of Mexico, with a new drilling campaign that could potentially lift the company’s total reserves by more than a third to some 70 million barrels.
Karoon’s acquisition of the Who Dat and Dome Patrol fields offshore Louisiana in December transformed the Australian company from a single production asset company focused on Brazil and lifted production by about 50 per cent and reserves by 75 per cent. Karoon chief executive Julian Fowles said in November, as he announced the acquisition, that the Who Dat interests provided both geographical and asset diversification, with production that would offset a natural decline from the Bauna field in Brazil and with an operating cost of less than $US6 per barrel.
The Who Dat wells, which are managed by venture operator LLOG, one of the largest privately owned exploration and production companies in the US, lie within connection distance to an existing floating production plant off the Louisiana coast. That Who Dat production system, which came online in late 2011, produced about 12 million barrels of oil equivalent last year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tropical Cyclone Megan makes landfall in the NT’s Gulf of Carpentaria7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Adams screamer helps US beat Mexico but game halted due to homophobic chantsTyler Adams scored with a brilliant long-range strike as the Americans secured their third successive Concacaf Champions League title
Read more »
Cortnee Vine returns to Matildas as squad is revealed for Mexico friendly in AprilCortnee Vine gets a call up to the Matildas for their April friendly against Mexico as the team builds towards the Paris Olympics.
Read more »
New Mexico State Police Officer Fatally Shot in Ambush AttackA New Mexico State Police officer was fatally shot 'in cold blood' early on Friday when he offered to help the driver of a disabled vehicle, who shot the officer twice and drove off in his patrol car with the officer still inside, authorities said.
Read more »
Helicopter patrolling US-Mexico border crashes killing threeChopper in federal government’s border security mission went down near Rio Grande City, leaving two national guard soldiers and a border patrol agent dead
Read more »
Spa day in Mexico City and Easter Mass services: photos of the weekendThe Guardian’s picture editors select photographs from around the world
Read more »