Petróleo Brasileiro (Petrobras) is in negotiations with Karoon Gas Australia to sell its stake in the Baúna and Tartaruga Verde fields, offshore Brazil.
The proposed deal will see the sale of 100% stake in the Baúna field, in the shallow waters of post-salt Santos Basin, and 50% stake in the Tartaruga Verde field, located in deepwaters of post-salt Campos Basin.
Baúna field has been operating since February 2013 and currently produces about 45,000 b/d. Tartaruga Verde is in initial development stages, with significant investments yet to be made.
This transaction is still subject to the negotiation of its terms and final conditions and to the approval by the responsible bodies at Petrobras and Karoon, as well as the approval by the competition supervisory body CADE (Administrative Council for Economic Protection) and the National Agency of Petroleum, Natural Gas and Biofuels- ANP.
The project to sell Baúna and Tartaruga Verde fields, carried out through a competitive process, is part of Petrobras' 2015-2016 divestment plan.
Karoon currently holds five exploration and production concessions in Brazil.