Karoon Energy has revised down its 2026 production outlook for the Baúna Project offshore Brazil after an electrical problem at the SPS-92 well reduced output and led the company to prepare another rig intervention.
The issue was first detected through the SPS-92 monitoring system on 21 September, with the well shut down the following day for investigation. Subsequent testing showed that one phase of the new three-phase power cable supplying the downhole electrical submersible pump had failed. The pump continues to operate using the remaining two phases under a conservative operating regime.
Karoon expects around 3,500 bopd of production to be deferred while the cable system remains in its current condition. The company has started preparations for a rig-based intervention and can access a suitable drilling rig under an existing option. Permits, equipment and specialist services will be required before the work can proceed. Karoon said it does not currently expect the deferred production to alter Baúna’s reserves.
Following the fault, Baúna’s 2026 production guidance was reduced from 6.0–6.7 MMbbl to 5.4–5.7 MMbbl. Karoon also lowered its group production guidance, including Who Dat in the US Gulf, from 7.2–8.2 MMboe to 6.6–7.2 MMboe. Unit production cost guidance was increased from US$12–15/boe to US$15–16/boe.
The latest problem follows a previous intervention at SPS-92 earlier this year. The well resumed production on 24 June after its ESP was replaced and was producing approximately 8,600 bopd when Karoon issued an update on 29 June. At that time, total Baúna production stood at around 20,500 bopd.
Karoon’s second-quarter report later showed Baúna production at approximately 22,000 bopd following the return of SPS-92 and PRA-2. The company recorded US$56.6 million of expenditure associated with the SPS-92 intervention during the quarter.
Brazilian industry publication PetróleoHoje also reported the resulting reduction in Baúna’s production outlook. In Australia, Capital Brief reported that Karoon shares were trading 10.9% lower at A$1.59 at 10:40am AEST on 28 September following the revised guidance.
