Australian company Karoon Energy has taken the final investment decision (FID) to develop the Patola Project in the Santos Basin, offshore Brazil.

The development will entail an investment of around $175m to $195m.

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The Patola field is located within the Karoon-owned and operated BM-S-40 Production Licence in the Santos Basin near Baúna and Piracaba accumulations.

According to the development plan, the field will be tied back to the existing Baúna floating production, storage and offloading (FPSO) vessel, Cidade de Itajaí.

The company aims to produce the first oil from the field in 2023.

Initially, the field is expected to produce more than 10,000 barrels of oil per day (bopd) from high-quality reservoirs of the same geological age as those in the adjacent Baúna and Piracaba fields.

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Karoon Energy has also selected two main contractors for the project.

Maersk Drilling is tasked to drill two near-vertical subsea production wells using Maersk Developer rig following the completion of the four well Baúna intervention programme.

TechnipFMC signed an integrated engineering, procurement, construction and installation (iEPCI) contract with Karoon Energy to design, manufacture and install subsea infrastructure.

Work will include installation of Christmas trees, flowlines, risers, umbilical, controls. This infrastructure will be tied back to the Cidade de Itajaí FPSO.

Karoon Energy managing director and CEO Dr Julian Fowles said: “Today’s Patola FID is a major milestone in our journey to becoming a substantial oil producer. The decision to proceed with this development is testament to the hard work and strong collaboration between our teams in Brazil and Australia.

“Together with the Baúna intervention program, Patola is expected to add materially to our production base, with total output forecast to reach approximately 30,000bopd in early 2023, more than double current production rates.

“The Patola development is anearfield expansion and will utilise existing infrastructure, including the FPSO and facilities at Karoon’s onshore base.”