Karoon Obtains Approval From The National Agency of Petroleum to Take Over Petrobras' Offshore Bauna Field

Karoon Obtains Approval From The National Agency of Petroleum to Take Over Petrobras’ Offshore Bauna Field

Written by Flavia Marinho

Published on 23/10/2020 at 12:51

A Karoon concordou em comprar da Petrobras uma participação de 100% no campo de petróleo offshore de Baúna, no sul da Bacia de Santos, Brasil, em julho de 2019.

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Karoon Agreed to Purchase a 100% Stake in the Baúna Offshore Oil Field from Petrobras in Southern Santos Basin, Brazil, in July 2019.

The Australian oil and gas company Karoon Energy said on Friday (10/23) that the Board of Directors of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved, with conditions, the acquisition of the Baúna offshore field from Petrobras by Karoon. Petrobras announces this morning the sale of 3,000 oil wells, 17 oil treatment stations, a gas station, an Aquatic Terminal, gas pipelines, and oil pipelines in Sergipe

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

Karoon agreed to purchase a 100% stake in the Baúna offshore oil field from Petrobras in southern Santos Basin, Brazil, in July 2019.

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In a statement on Friday, Karoon Energy said: “Karoon is pleased to announce that the Board of Directors of the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) approved with conditions, in a board meeting on October 22, 2020 (Brazil time), the assignment of rights and obligations arising from Concession Contract BM-S-40 related to the Baúna field.”

“Once the written confirmation of the ANP board’s approval is issued, an additional precedent condition for closing the transaction under the Baúna sale agreement and the last pending regulatory precedent condition will be met,” said Karoon.

Baúna includes 6 producing oil wells, 3 water injection wells, and 1 gas injection well exploring 2 reservoirs (Baúna and Piracaba). All wells are subsea completions with connections back to the FPSO Cidade de Itajaí, owned by TeekayOcyan.

“The closing of the transaction is still subject to certain precedent conditions, including the assignment of the FPSO charter. Regarding the assignment of the FPSO charter, Karoon does not anticipate that this will delay the closing of the transaction,” Karoon said on Friday.

“Karoon aims to close the transaction on October 30, 2020, and will keep the market updated on the progress,” the company said.

The Baúna field, for which Karoon will pay up to US$ 665 million, began operations in February 2013. Its production in July 2020 was about 16,000 barrels of oil per day.

Access the full statement from the Australian oil and gas company Karoon Energy by clicking here

Karoon Obtains Approval From The National Agency of Petroleum to Take Over Petrobras’ Offshore Bauna Field

Karoon Agreed to Purchase a 100% Stake in the Baúna Offshore Oil Field from Petrobras in Southern Santos Basin, Brazil, in July 2019.

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Karoon Obtains Approval From The National Agency of Petroleum to Take Over Petrobras’ Offshore Bauna Field

Karoon Agreed to Purchase a 100% Stake in the Baúna Offshore Oil Field from Petrobras in Southern Santos Basin, Brazil, in July 2019.

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