Petrobras, Karoon Change Terms of $665M Sale of Baúna Field Stake

July 27, 2020

Image Credit: Karoon
Image Credit: Karoon

Brazilian oil company Petróleo Brasileiro SA announced adjustments to a $665 million contract governing the sale of its entire stake in the Baúna oil field to Australia's Karoon Energy, according to a securities filing late on Friday.

The Bauna field is in the Santos basin in the Atlantic Ocean.

Under the new terms, Karoon is paying an initial $380 million to Petrobras, including a $49.9 million downpayment made on July 24 and $150 million to be paid at the closing date of the deal, which depends on certain conditions being met.

The remainder of the $380 million will be paid in 18 monthly installments from the transaction's closing date, Petrobras said.

An additional installment of $285 million would be paid through 2026, the filing said.

The terms of the deal were changed because of the COVID-19 pandemic, which made it difficult to meet previously agreed conditions. 

(Reporting by Ana Mano; Editing by Steve Orlofsky)



Current News

PGS Rejects TGS' 'Opportunistic' $600M Offer for Seismic Data Library

PGS Rejects TGS' 'Opportunistic' $600M Offer for Seismic Data Library

Norway's Offshore Safety Regulator Targeted by Phishing Attack

Norway's Offshore Safety Regulator Targeted by Phishing Attack

DOF Subsea Scores Multiple Vessel Charters in Atlantic Region

DOF Subsea Scores Multiple Vessel Charters in Atlantic Region

RWE Wants CfDs for German Offshore Wind

RWE Wants CfDs for German Offshore Wind

Subscribe for OE Digital E‑News

Offshore Engineer Magazine