Karoon Energy Ltd functions as an international enterprise specializing in the exploration and extraction of oil and natural gas. The company's primary operational focus includes key producing assets in Brazil and the United States, alongside exploration interests in Australia. In Brazil, Karoon holds complete ownership and serves as the operator of the Baúna Project, encompassing the Baúna, Piracaba, and Patola oil fields within the Santos Basin. It also maintains a full interest in the undeveloped Neon oil field, situated northeast of Baúna. Expanding its portfolio, Karoon acquired a 30% interest in the Who Dat and Dome Patrol fields located in the US Gulf of Mexico in December 2023, diversifying its production base. The company was originally established in 2003 as Karoon Gas Australia Ltd, later adopting the name Karoon Energy Ltd in December 2018. Its corporate headquarters are located in Southbank, Australia.