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    1. Regional Reports
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    Petrobras modifies terms for sale of shallow-water field offshore Brazil

    July 27, 2020
    Petrobras and Karoon Energy subsidiary Karoon Petróleo & Gás have agreed on adjustments to terms for the transfer of Petrobras’ operated interest in the shallow-water Baúna field in the Santos basin offshore Brazil.
    (Courtesy Karoon Energy)
    The FPSO Cidade de Itajaí operates at the Baúna field in the Santos basin offshore Brazil.
    The FPSO Cidade de Itajaí operates at the Baúna field in the Santos basin offshore Brazil.

    Offshore staff

    RIO DE JANEIRO – Petrobras and Karoon Energy subsidiary Karoon Petróleo & Gás have agreed on adjustments to terms for the transfer of Petrobras’ operated interest in the shallow-water Baúna field in the Santos basin offshore Brazil.

    Karoon paid the first instalment of $49.9 million in July 2019, with a further $150 million to be paid at the closing date (with price adjustments). The remaining sum will be paid within 18 months of the closing date, to be followed by a contingent installment of $285 million, payable until 2026.

    Both companies agreed to the revised terms in light of COVID-19 related issues.

    Petrobras started production from Baúna, off the coast of São Paulo state, in February 2013. Current output through the FPSO Cidade de Itajaí is around 16,000 b/d.

    07/27/2020