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Petrobras (PETR4) receives BRL 430 million from Karoon; understand

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Payment is from the contract for the sale of Petrobras’ stake in the Baúna field (Image: Bloomberg)

THE Petrobras (PETR3;PETR4) informed this Monday (30) that it received R$ 430 million from Karoon Oil & Gassubsidiary of Karoon Energyin line with the terms of the contract signed between both companies regarding the sale of the state-owned company’s stake in the baúna field (BM-S-40 concession area).

The amount is equivalent to the contingent payment of the price of a barrel of Petroleum for the 2022 financial year, Petrobras said in a document sent to the market.

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The sale of the asset was completed at the end of 2020, with the payment of US$ 150 million by Karoon at the time, in addition to the US$ 49.9 million paid upon signing the sale agreement, in July 2019. they also agreed on a remaining portion, in addition to a contingent portion of the price to be received by Petrobras until 2026.

The other installments of the aforementioned contingent payment may be received by 2026, depending on the evolution of the price of a barrel of oil in future years, Petrobras highlighted.

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The Baúna field, located in shallow waters in Santos Basinstarted operations in 2013. With the transaction, Karoon started operating the concession with a 100% interest.

Source: Moneytimes

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