PERTH (miningweekly.com) – ASX-listed Karoon Gas has confirmed that it is in negotiations with Petrobas on the possible acquisition of the Baúna and Tartaruga Verde fields.
The Brazilian firm overnight reported that the potential transaction considered 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 45 000 bbl/d. Tartaruga Verde field is in initial development stages, with significant investments yet to be made.
The decision to sell the Baúna and Tartaruga Verde fields formed part of Petrobas’ divestment plan.
Karoon said on Friday that the next stage of negotiation over the two fields followed nearly 12 months of competitive bidding, with the company saying that it would conduct confirmatory due diligence and negotiate final terms and conditions.
Any acquisition will remain subject to the outcome of the due diligence, board approval, and the relevant regulatory approvals.