Producer · Mid-Tier · Upstream · Oil-weighted · Oil · Brazil · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Karoon Energy Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated upstream portfolio of Karoon Energy Ltd, an ASX-listed offshore oil and gas company with near-pure oil exposure and two producing assets in top-tier jurisdictions: the operated Baúna Project in the Santos Basin offshore Brazil and the non-operated Who Dat development in the Gulf of America, USA. Group 2025 production was 10.3 MMBOE. Net Karoon-share 2P reserves rose 7% to 72.8 MMBOE (1P 47.8; 3P 90.7) and 2C contingent resources stood at 163.0 MMBOE, with growth options including Neon and Piracucá in Brazil and Who Dat East/South in the Gulf of America. In 2025 Karoon acquired the Baúna FPSO (Cidade de Itajaí), gaining strategic control to reduce operating costs and extend field life. The company funds its capital program, including the FPSO acquisition, supported by a Reserves Based Lending facility.
Portfolio Aggregate
As at 31 December 2025 · 2P
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Reserves & resources — detail
As at 31 December 2025
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Reserves walk · Gross (disclosed)
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Reserves walk · Net change by year
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Operating · 2 projects
Who Dat
District · Ownership 30%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Karoon's non-operated interest in the Who Dat oil and gas development in the deepwater Gulf of America (Gulf of Mexico), USA, produced via the Who Dat floating production system; Karoon acquired its interest in 2024, diversifying its production base. Production is reported on a net revenue interest basis (after government and third-party royalties). In 2025 Who Dat contributed 2.6 MMBOE to Karoon (74% liquids), with liquids sales of 1.9 MMbbl and gas sales of 3.66 Bcf, at realised prices of US$63.35/bbl for liquids and US$4.20/mcf for gas; an infill program and the completion of additional wells in 4Q25 supported production. Net Karoon-share 2P reserves are 26.4 MMBOE (oil 15.4 MMbbl, gas 58.0 Bcf, NGL 1.3 MMbbl), split developed/undeveloped, plus Who Dat South 2C contingent resources of 7.4 MMBOE.
Oil & Gas metrics
As at 31 December 2025 · 2P
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Reserves & resources — detail
As at 31 December 2025
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Baúna Project
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
Karoon's 100%-owned, operated oil project in the Santos Basin offshore Brazil, comprising the Baúna, Patola and SPS fields produced via the Baúna FPSO Cidade de Itajaí, which Karoon acquired in 2025 to gain strategic control, reduce operating costs and extend field life. The project is near-pure oil. In 2025 Baúna produced 7.7 MMbbl of oil (sales of 7.3 MMbbl across 15 cargoes) at a weighted average realised price of US$66.57/bbl, despite a downhole ESP cable failure at SPS-92 and a subsea umbilical disconnection at PRA-2; a rig-based intervention to restore both wells is targeted for mid-2026. Net Karoon-share 2P reserves are 46.4 MMbbl (1P 29.7; 3P 54.7), all developed, plus 3.0 MMbbl of 2C contingent resources.
Oil & Gas metrics
As at 31 December 2025 · 2P
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Reserves & resources — detail
As at 31 December 2025
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Development · 4 projects
Goiá
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
An oil contingent-resource discovery in the Santos Basin offshore Brazil with 2C contingent resources of 27.0 MMbbl, which, if sanctioned, could be developed as a subsea tieback. No reserves have been booked; development studies are ongoing.
Oil & Gas metrics
As at 31 December 2025
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Neon
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
An oil development opportunity in the Santos Basin offshore Brazil, Karoon's largest contingent-resource asset, where work is underway to optimise a potential development (e.g. as a subsea tieback). Neon 2C contingent resources grew to 90.3 MMbbl in 2025 on the back of technical studies. No reserves have been booked; a development concept is being matured.
Oil & Gas metrics
As at 31 December 2025
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Piracucá
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
An oil contingent-resource asset in the Santos Basin offshore Brazil, added to Karoon's portfolio in 2025 (acquisition), with 2C contingent resources of 19.6 MMbbl. Karoon is assessing development options, potentially as a subsea tieback to existing infrastructure. No reserves have been booked.
Oil & Gas metrics
As at 31 December 2025
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Who Dat East
Asset · Pre-feasibility · Ownership 30%
Project information
As at 31 December 2025
Description
As at 31 December 2025
A non-operated oil and gas development opportunity in the deepwater Gulf of America, USA, adjacent to the producing Who Dat field, where the Who Dat Joint Venture is assessing development as a subsea tieback to existing Who Dat infrastructure. Net Karoon-share 2C contingent resources are 15.7 MMBOE (oil 7.0 MMbbl, gas 52.2 Bcf). No reserves have been booked.
Oil & Gas metrics
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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