Karoon Energy successfully bids for six blocks in the Santos basin
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The news: Oil producer Karoon Energy has successfully bid for six exploration blocks in the offshore Santos basin in Brazil.
The numbers: Karoon said formal granting of the blocks is expected to occur in the fourth quarter of 2025, subject to the payment of a USD14.8 million ($22.8 million) bid bonus and a financial guarantee for around USD6.1 million, equivalent to 30% of the minimum work program.
The company also increased its 2025 capital expenditure guidance to between USD120 million and USD140 million — up from a range of USD105 million to USD125 million — to incorporate bonus payments and work programme guarantees associated with the successful bid.
The context: Bidding for blocks in the Santos Basin occurs through a continuous bidding process, managed by ANP, Brazil's national agency of petroleum, natural gas and biofuels. Companies can express interest in specific blocks at any time, with winning bids determined by signature bonuses and work program commitments.
What they said: "The newly acquired blocks further strengthen Karoon's presence in the offshore Santos Basin," said Karoon's CEO and managing director Julian Fowles.
The source: ASX
