Suspension of Petrobras’ asset sale to Karoon still in force

FPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay

Oil and gas company Karoon Gas Australia has informed that a suspension of Petrobras’ process to sell two of its assets offshore Brazil to the Australian company is still in force. 

Earlier this week, the Brazilian Federal Accounting Court (TCU) allowed Petrobras to continue its asset divestment program aimed to reduce the oil company’s massive debt after previously ordering on December 7, 2016, that it be suspended pending review by the TCU.

The condition is that the company resumes the sale processes from the beginning under the reviewed divestment process methodology.

This decision applies to all but two Petrobras’ asset sale processes, the sale of the Baúna and Tartaruga Verde fields, which do not need to be restarted.

Karoon clarified on Friday that the TCU decision is separate and distinct from the court proceedings initiated on October 25, 2016, in the Federal Court of Sergipe against Petrobras, the Brazilian oil and gas regulator Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) and Karoon, alleging that the correct sale procedure was not followed for the potential sale of an interest in the Baúna and Tartaruga Verde fields.

The company further stated that, as such, the interim injunction granted on November 19, 2016, relating specifically to the potential sale of the Baúna and Tartaruga Verde fields remains in force, suspending any further negotiations between Petrobras and Karoon. The current status of the court proceedings is that Karoon filed its legal defense in respect of the main court proceedings during February 2017 and Karoon understands that Petrobras is continuing with court proceedings to have the interim injunction lifted.

Karoon Managing Director, Robert Hosking said: “Karoon welcomes the decision by the TCU relating to Petrobras’ broader divestment process. Specifically relating to the Baúna and Tartaruga Verde fields, in the event of a favorable ruling on either the existing interim injunction or the main proceedings, Karoon looks forward to progressing with its final negotiations. Karoon remains committed to working through the existing process.”

Offshore Energy Today Staff

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