Petrobras in talks with Karoon for sale of two offshore fields

Brazil’s state-owned oil giant Petrobras is negotiating with Karoon Gas Australia the sale of its participation in the Baúna and Tartaruga Verde fields, located in Santos and Campos basins, respectively. 

Petrobras said on Thursday that the potential transaction considers the sale of 100% of the stake in the Baúna field, located in shallow waters of post-salt Santos Basin, and 50% of the stake in the Tartaruga Verde field, located in deep waters of post-salt Campos Basin, where Petrobras will remain as the field’s operator.

Baúna field has been operating since February 2013 and currently produces about 45 thousand barrels per day. Tartaruga Verde field is in initial development stages, with significant investments yet to be made.

Karoon Gas is an Australian energy company with a presence in the global oil and gas market. Its main assets are located in Australia, Brazil, and Peru. Currently, Karoon holds five E&P concessions in Brazil.

The Brazilian company noted that this transaction is still subject to the negotiation of its terms and final conditions and to the approval by the responsible bodies at Petrobras and Karoon, as well as the approval by the competition supervisory body CADE (Administrative Council for Economic Protection) and the National Agency of Petroleum, Natural Gas and Biofuels- ANP.

The project to sell Baúna and Tartaruga Verde fields, carried out through a competitive process, is part of Petrobras’ 2015-2016 Divestment Plan.

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