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Petrobras received BRL 430 million from Karoon Energy for the purchase of the Baúna field, located in the Santos Basin. Payment was made earlier this week.
Petrobras received a contribution of R$ 430 million from the company Karoon Energy. The value refers to the payment quota that was agreed between the companies in the process of selling the Baúna field, located in the Santos Basin.
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The sale of the Baúna field took place in November last year
Petrobras concluded the sale on November 6, 2022. 100% of the field was sold to the Australian company Karoon Energy, after payment of an amount in the amount of US$ 150 million. The amount acquired is added to the amount of US$ 49,9 million paid to the Brazilian state-owned company.
A slice worth US$ 40 million is still pending, but will be paid off in 18 months by Karoon. The two companies also agreed on a contingent portion of the price, which was to be received by Petrobras until 2026, in the amount of US$ 285 million.
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Karoon has a development plan for the Santos Basin field, Petrobras comments on the sale
“This receipt is in accordance with the terms of the contract negotiated between the companies, referring to the sale of Petrobras' entire stake to Karoon in the Baúna field (BM-S-40 concession area), located in shallow waters in the Saints. The other installments of said contingent payment may be received by Petrobras until 2026, depending on the evolution of the price of a barrel of oil in future years”, detailed Petrobras.
In October 2022, Karoon Energy obtained the approval of the new development plan for the Baúna field, with the forecast of investing around US$ 378 million, expanding the oil reserves and the recovery factor of the area.
In the development plan, the Australian company proposed optimizing the elevation system in wells SPS-92, PRA-2 and SPS-56 and draining the lower zone of well BAN-1.
Karoon also intends to develop the Patola reservoir.
With these measures, the expectation generated is that the field's reserves will be increased from 14 million to 54 million barrels.
Regarding the recovery factor, that of the Baúna field should increase from 39% to 49%. The company also assesses that it will be possible to extend the useful life of the field from 2026 to 2032.
Discover Campo de Baúna
The Baúna field is located in shallow waters in the Santos Basin. The asset began its execution with the FPSO Cidade de Itajaí in February 2013. From January to September 2022, the field's average production was approximately 16 thousand barrels of oil per day and 104 thousand m³ per day of gas.
