Australian Oil and Gas Multinational Karoon Energy Expects to Finalize Deal with Petrobras by the End of This Month

Written by Kelly

Published on 06/10/2020 at 09:45

Profissionais offshore da multinacional Karoon/Imagem: Divulgação

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Karoon Oil And Gas Aims To Finalize The Acquisition Of Petrobras’ Baúna Offshore Field By The Last Fortnight Of October, And The Deal Will Yield US$ 150 Million Immediately To The State Company

The company, which in July 2019 agreed to purchase a 100% stake in Petrobras’ Baúna offshore oil field in the southern Santos Basin, said on Monday (05) that progress is being made with the country’s oil and gas regulator and expects the FPSO allocation to be executed after ANP approval.

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The oil and gas field is located in the offshore concession BM-S-40 in the Santos Basin, 50-60 km from the Neon and Goiá discoveries and 50 km from Karoon’s Clorita exploration area.

Baúna includes 6 oil production wells, 3 water injection wells, and 1 gas injection well exploiting 2 oil reservoirs (Baúna and Piracaba). All the wells are subsea completions tied back to the FPSO Cidade de Itajaí (FPSO).

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“Significant progress has been made to obtain ANP approval, and Karoon is addressing the proposed ANP approval process and minor outstanding administrative issues related to finalizing the parent guarantee provided by Karoon in favor of ANP”, said Karoon.

Location Of The Baúna Offshore Field On The Brazilian Coast. Source: Karoon’s Website

“The allocation of the FPSO charter [with TeekayOcyan] has also progressed, and Karoon expects the documentation associated with this allocation to be finalized and ready for execution after receiving ANP approval”, added the oil and gas multinational.

Karoon stated that it now aims to complete the transaction “in the last fortnight of October 2020”.

The production from the oil and gas field in July 2020 was approximately 16 Mbopd with a growth target of 25-30 Mbopd, total 2P reserves of 46.8 MMbbls (2), and contingent resources 2C of about 20 MMbbls, showed a filing from Karoon in July. In July, the FPSO was utilizing about 46% of processing capacity.

Australian Oil and Gas Multinational Karoon Energy Expects to Finalize Deal with Petrobras by the End of This Month

Karoon Oil And Gas Aims To Finalize The Acquisition Of Petrobras’ Baúna Offshore Field By The Last Fortnight Of October, And The Deal Will Yield US$ 150 Million Immediately To The State Company

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Australian Oil and Gas Multinational Karoon Energy Expects to Finalize Deal with Petrobras by the End of This Month

Karoon Oil And Gas Aims To Finalize The Acquisition Of Petrobras’ Baúna Offshore Field By The Last Fortnight Of October, And The Deal Will Yield US$ 150 Million Immediately To The State Company

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