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Karoon Energy Signed A Marketing Contract With Shell West, A Member Of The Royal Dutch Shell Group, To Market And Transport Crude Oil Production From The Baúna Field, Located Offshore Brazil.
The Baúna field, located in the Santos Basin off the coast of São Paulo state, began operations in February 2013 and currently produces about 20,000 barrels of oil per day through the FPSO Cidade de Itajaí.
The marketing contract has a duration of up to five years and provides Karoon access to Shell West’s global marketing and shipping platform, according to Karoon’s statement on Monday, October 21. As part of the marketing contract negotiations, Karoon and Shell West have now agreed on the terms, and Shell West has obtained internal credit approval for a US$ 50 million term loan at the business level of Karoon in Australia. This loan facility is intended to be used as a backup working capital line.
Karoon will now seek to finalize the loan facility documents on standard commercial terms.
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Karoon’s Managing Director, Robert Hosking, said: “This contract delivers added value through access to end buyers who are currently purchasing similar oil in Brazil and allows Karoon to increase its cargo on larger vessels, reducing shipping costs. Overall, Karoon aims to maintain a higher netback price for the FOB (Free On Board) Baúna production.”
These contracts are subject to the financial completion of the Baúna transaction, and entry into the loan facility is subject to the completion of due diligence and negotiation and finalization of definitive documentation.
It is worth noting that Karoon Signed A Binding Purchase And Sale Agreement With Petrobras To Acquire A 100% Operating Interest In The Baúna Field (Concession BM-S-40), Located In The Santos Basin, For US$ 665 Million In July 2019. The transaction is expected to close in the first half of 2020.
The Baúna field consists of two producing oil reservoirs, Baúna and Piracaba, both tied to the leased FPSO Cidade de Itajaí, and the undeveloped Patola discovery.
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