Australia’s Karoon Gas is in the middle of an injunction order by the Brazilian court regarding its deal with Petróleo Brasileiro (Petrobras) for the acquisition of two offshore fields, in which Petrobras intends to appeal.
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Image from Karoon. |
According to Karoon, court proceedings have been initiated by José Hunaldo Nunes Santos against Petrobras and Brazil’s oil and gas regulator, the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).
“The court proceedings contend that the sales process did not comply with relevant Brazilian regulatory requirements. As part of these proceedings, an interim injunction has been made which orders Petrobras and the ANP to cease the sale process at this time,” Karoon said in a statement.
In October, the Australian and Brazilian players entered into an agreement for Karoon to acquire 100% stake in the Baúna field, in the shallow waters of post-salt Santos Basin in BM-S-40, producing at a rate of 45,000 b/d; and 50% stake in the Tartaruga Verde field, in deepwaters of post-salt Campos Basin in BM-C-36. The deal was part of Petrobras’s 2015-2016 divestment plan.
“Petrobras will appeal the injunction and clarifies that this transaction was conducted in compliance with the stages laid down in the divestment system and guaranteed extensive competition among potential interested parties, as a means of ensuring the best deal for the company,” Petrobras said.
The interim injunction is not final and is subject to appeal proceedings which have now beeninitiated, Karoon confirmed.
Karoon said it is currently investigating the court proceedings, including their possible effects on the timing of any acquisition of an interest in the Baúna and Tartaruga Verde fields by Karoon.
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