Australian Oil Company Seeks to Acquire Petrobras Field in Santos Basin

This Is Petrobras’ Second Attempt to Sell the Asset to Karoon, Negotiation Now Enters the Approval Phase of the Brazilian State Company Board

After the second attempt, Petrobras seems to finally be able to dispose of its stake in the Baúna field, located in shallow waters of the Santos Basin.
Karoon Gas Australia Ltd (Karoon), an oil company based in Melbourne but with offices in Brazil and Peru, presented the best proposal to acquire the asset.

The information was released this morning (07/15), and Petrobras will dispose of 100% of the asset, which is part of the company’s divestment plan.
PetroRio was also in the running, but Karoon’s proposal was indeed the best. The negotiation now goes for approval from Petrobras’ regulatory and management bodies.

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Second Attempt

This is not the first time Petrobras has negotiated with Karoon; the sale of this same area had already been finalized between the companies, but a legal action from the TCU (Tribunal de Contas da União) blocked the deal.
The action, at the time, aimed to regulate Petrobras’ divestment plan concerning its assets.

According to Petrobras’ communication to the market, the company clarified that: “We clarify that the transaction is still in the approval phase by Petrobras’ governance bodies and the subsequent steps will be communicated to the market in accordance with the company’s Divestment System.”

The Asset

The Baúna field has been producing since February 2013 and reached its peak production that same year, when it produced over 76,000 barrels per day.

The FPSO operating it is Cidade de Itajaí, chartered with the Teekay/Ocyan consortium, with a processing capacity of 80,000 barrels per day, and the production system consists of six producing wells, three water injection wells, and one gas injection well.

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