Oil’s jump to seven-year highs above $US95 a barrel is tempting the global industry to aggressively search for more crude, but an Australian listed Brazilian pure-play oil producer is taking a more cautious approach.

Karoon Energy is eyeing opportunities to use its $US204 million ($282 million) balance sheet to acquire more oil assets in Brazil, where it solely operates, and is “open” to investing in oil fields in Australia to diversify its operations.