Petrobras should complete sale of Baúna this month

On Monday (5), the Australian oil company Karoon reported that its acquisition of the Baúna field in the Santos Basin of Petrobras should be completed in the last fortnight of October. The deal will immediately yield US$150 million to Petrobras' cash.

The contract was closed in 2019, in the amount of US$ 665 million, in two installments: an advance of US$ 49.9 million and another of US$ 615.1 million, on the closing date, without considering the adjustments due. This year, the parties renegotiated the agreement and remade the extension of deadlines and division of new installments.

One of the prerequisites for closing the transaction was approval by the National Petroleum Agency (ANP), and the oil company claims to have made progress in this direction.

According to Australian oil company, the price will be adjusted according to operating cash flow from the date of acquisition (January 1, 2019) until its closing, with interest on the main purchase price. Thus, the final amount will depend on the closing date of the transaction and the final cash flows recorded until the completion of the deal.

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