Deal Closed: Petrobras Sells 100% of Baúna to Karoon

Written by Paulo Nogueira

Published on 07/11/2020 at 09:56

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The Baúna Field Is Located In Shallow Waters Of The Santos Basin And Was Producing Only 16 Thousand Barrels Of Oil Per Day, Economically Infeasible For Petrobras

Petrobras Completed Today (11/6) The Sale Of All Its Stake In The Baúna Field (Concession Area BM-S-40), Located In Shallow Waters In The Santos Basin, To Karoon Petroleum & Gas Ltda (Karoon), A Subsidiary Of Karoon Energy Ltd.

The Baúna Field Began Operations With The FPSO Cidade De Itajaí In February 2013. The Average Production Of The Field From January To September 2020 Was Approximately 16 Thousand Barrels Of Oil Per Day And 104 Thousand M³/d Of Gas. With This Transaction, Karoon Will Be The Operator Of The Concession With 100% Stake.

After Meeting The Precedent Conditions, The Transaction Was Completed With A Payment Of US$ 150 Million To Petrobras. The Amount Received At Closing Is In Addition To The US$ 49.9 Million Paid To Petrobras On The Signing Date, 07/24/2019. The Remaining Portion, Estimated At Approximately US$ 40 Million, Will Be Paid By Karoon Within 18 Months From Today, Considering Price Adjustments, Since The Base Date Of The Transaction Is 01/01/2019.

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Thus, The Amount Was Adjusted Based On The Cash Flow Result Incurred By Petrobras Up To The Closing Date. Additionally, A Contingent Portion Of The Price Was Agreed Upon By The Parties, To Be Received By Petrobras By 2026, In The Amount Of USS 285 Million.

This Operation Is Aligned With The Company’s Portfolio Optimization Strategy And Improvement Of Capital Allocation, Focusing Increasingly On World-Class Deep And Ultra-Deep Water Assets, Where Petrobras Has Demonstrated A Significant Competitive Edge Over The Years.

This Disclosure Is In Accordance With Petrobras’ Internal Regulations And The Provisions Of The Special Procedure For The Assignment Of Exploration, Development, And Production Rights For Oil, Natural Gas, And Other Fluid Hydrocarbons, Provided For In Decree 9,355/2018.

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The Baúna Field Is Located In Shallow Waters Of The Santos Basin And Was Producing Only 16 Thousand Barrels Of Oil Per Day, Economically Infeasible For Petrobras

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