Karoon Energy reported that the FPSO Cidade de Itajaí achieved operating efficiency of 97.2% at the Baúna oil field offshore Brazil during the second quarter of 2026, exceeding the company’s target range of 90% to 95%.
The result improved from 96.1% in the first quarter of 2026 following a revitalisation and maintenance campaign. The campaign, together with work on the SPS-92 and PRA-2 wells, reinstated approximately 10,000 barrels of oil equivalent per day of production.
During the quarter, Karoon Energy produced 1.08 million barrels of oil equivalent at an average rate of 9,202 barrels of oil per day, compared with 17,350 barrels of oil per day in the previous quarter. Sales revenue reached $116.4 million. The company said the lower production reflected a planned 28-day maintenance shutdown and the temporary shut-in of the SPS-92 well for replacement of its electrical submersible pump.
Total production from the Baúna field in the Santos Basin is currently around 22,000 barrels of oil per day.
The FPSO Cidade de Itajaí has a fluid handling capacity of approximately 80,000 barrels per day and storage capacity of around 631,000 barrels of oil.
Two cargoes totalling 0.98 million barrels were lifted during the quarter and delivered to refineries in Europe and Asia. The average realised oil price was $94.56/bbl, 33% higher than in the previous quarter, reflecting higher global oil prices.
During the quarter, Karoon Energy completed the transfer of control of the FPSO operatorship. The planned shutdown included maintenance, inspections and upgrades, including a hull inspection and production header replacement, which were completed in May 2026. A flotel-supported revitalisation campaign was completed in June 2026.
Production from SPS-92 resumed after replacement of the electrical submersible pump. PRA-2 also returned to service after reconnection of its umbilical and restoration of electrical submersible pump connectivity, enabling all production wells associated with the Baúna project to be in service.
Karoon Energy acquired the BM-S-40 concession from Petrobras in November 2020. The concession includes the producing Baúna and Piracaba oil fields together with the Patola discovered resource.
The acquisition price was $380 million, plus contingent consideration of up to $285 million and accrued interest linked to realised oil prices between 2022 and 2026.
The Baúna project comprises 12 subsea wells, including two Patola wells brought online in 2023. Oil produced from the field is marketed through Shell Western Supply and Trading, an affiliate of Shell.
