Petrobras modifies terms for sale of shallow-water field 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