Cujo, where you been? ... it has been posted a million times,,, Equinor have 2nd stage down to ~2.4 Bill. If Karoon have a partner than their share is even less than the stated 40%.

Norwegian operator Equinor estimates that it has reduced the cost of the second phase development of its Peregrino field in Brazil’s Campos basin by $1.3 billion after improving drilling efficiency.

Equinor operates the producing heavy oilfield with a 60% interest. Under the development’s second phase, it will add a third wellhead platform and increase production.

Brazil, ‘another Norway’ for Equinor

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“We are constructing the Peregrino phase two platform that will be based close to the existing infrastructure and this will add more than 250 million barrels of oil to our reserves. This is equivalent to half of our Castberg field (in Norway),” Equinor’s executive vice president for development and production in Brazil, Anders Opedal said during ONS 2018.

“It will have a start-up in the end of 2020,” Opedal said.

“We are on schedule and have reduced costs by $1.3 billion,” he added. “We improved the way we are building the platform, similar to what we have done to Sverdrup. We originally had a breakeven cost of around $70 per barrel, and it has now need reduced to $40.”

Funding:

Karoon's eyes on Peregrino

Gareth ChetwyndandFabio Palmigiani

21 Jun 2018 22:00 GMT

Australia-based Karoon Gas is understood to be homing in on the possible acquisition of a 40% working interest in the Equinor-operated Peregrino heavy oil development off Brazil, write Gareth Chetwynd and Fabio Palmigiani.

Karoon already has some Brazilian assets in the Santos basin with plans to develop the Echidna and Kangaroo light oil discoveries, recently re-named Neon and Goia.

The company has shown a continued interest in boosting the economics of this project by looking at the potential acquisition of the nearby Bauna field in a recently re-launched Petrobras divestment process.

With questions over Echidna's reserves capacity, Karoon has now reportedly lined up around $1 billion in new financing, and has $250 million of cash to fund acquisitions.

Two well-placed sources consulted by Upstream suggested that Karoon is moving close to a deal with Chinese player Sinochem to acquire its 40% interest in Peregrino.

An agreement would give Karoon more muscle in Brazil, while giving the company access to oil production and reservoir data for the first time.

Sinochem entered Peregrino in 2010 after it agreed to pay $3.07 billion for a 40% stake in the project.

Equinor started output from Peregrino in April 2011 with two wellhead platforms — WHP-A and WHP-B — linked to the Peregrino floating production, storage and offloading vessel.

The company is now fast-tracking a second development phase with the installation of a third wellhead platform — WHP-C — in the south-eastern section of the Campos basin field, meaning the project will make investment demands of its own.

Equinor Brazil president Anders Opedal recently told Upstream the company is consulting the market with plans to launch a tender later this year to secure a contractor to perform hook-up activities at WHP-C.

WHP-C will provide additional capacity for up to 60,000 barrels per day of oil from Peregrino South-East, adding 250 million barrels of recoverable reserves.

In all, 21 development wells, including 15 oil producers and six water injectors, will be drilled in phase two and later linked to the Peregrino FPSO.

Sinochem's interest in selling out of Peregrino has been known for several months.

Karoon Gas in hunt for $1 billion-plus Brazilian oil deal

Aug 5, 2018 — 11.00pm

Karoon Gas is thought to be involved in two processes for a potential $1 billion-plus acquisition off the coast of Brazil, as it seeks to add production to its exploration interests in the region.

The oil junior is gearing up to lodge a non-binding bid by mid-August in the revived process by Brazilian national oil company Petrobras to sell its Bauna oil field, where Karoon had been named the exclusive bidder before the process collapsed in March last year.

It is also reported to be among the contenders to buy Sinochem's stake in the 100,000-barrels-a-day Peregrino oil field to the north-east, a process that has been under way since early 2017.

Brazil's major oil and gas production industry is mostly in the Campos and Santos offshore basins. DADO GALDIERI

Karoon investor relations manager James Wootton confirmed the Melbourne-based explorer's intention to bid again for Bauna. But he couldn't comment on the reports on Peregrino, while signalling the company has been looking elsewhere.

"In the meantime, we have been actively looking and not sitting idle," Mr Wootton said. "We do want to get some production to move forward."

You never stop BS. Why did I take either of you two off ignore.... I'm nuts.
There is a shortage of crude for refineries. well documented. A large funding package needs security. Contracted oil plus hedging provides that.