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Petrobras Received R$ 430 Million from Karoon Energy Relating to the Purchase of the Baúna Field Located in the Santos Basin. The Payment Was Made at the Beginning of This Week.
Petrobras received an investment of R$ 430 million from Karoon Energy. The amount refers to the contingent payment that was agreed upon between the companies during the sale process of the Baúna field, located in the Santos Basin.
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The Sale of the Baúna Field Was Completed in November of Last Year
Petrobras completed the sale on November 6, 2022. 100% of the field was sold to the Australian company Karoon Energy, after the payment of an amount of US$ 150 million. The received amount adds to the total of US$ 49.9 million paid to the Brazilian state-owned company.
A portion of US$ 40 million is still pending but will be settled in 18 months by Karoon. Both companies also agreed on a contingent part of the price, which Petrobras will receive by 2026, amounting to 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, regarding the sale of Petrobras’ entire stake to Karoon in the Baúna field (concession area BM-S-40), located in shallow waters in the Santos Basin. The remaining portions of the aforementioned contingent payment may be received by Petrobras until 2026, depending on the evolution of oil prices in future exercises,” detailed Petrobras.
In October 2022, Karoon Energy obtained approval for the new development plan for the Baúna field, with a predicted investment of 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 lifting system at 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 is that the field’s reserves will increase from 14 million to 54 million barrels.
Regarding the recovery factor, that of the Baúna field is expected to increase from 39% to 49%. The company also assesses that it will be possible to extend the field’s lifespan from 2026 to 2032.
Learn About the Baúna Field
The Baúna field is located in shallow waters in the Santos Basin. The asset began operations with the FPSO Cidade de Itajaí in February 2013. From January to September 2022, the average production of the field was approximately 16,000 barrels of oil per day and 104,000 m³ per day of gas.
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