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Brazilian oil company Petrobras announced the adjustment of a $665 million contract involving the sale of its entire stake in the Bauna field to Australia's Karoon Energy
.
The Bauna field is located in the Santos Basin of the Atlantic Ocean
.
Under the terms of the contract, Karoon will make an initial payment of $380 million to Petrobras, including a down payment of $49.
9 million on July 24 and $150 million on the date of closing, subject to the fulfillment of certain conditions
.
Petrobras said the remainder of the $380 million will be paid
in 18 monthly instalments from the date the transaction closes.
The remaining $285 million will be disbursed
by 2026.
Due to the COVID-19 pandemic, the terms of the deal have changed, which has made it difficult to meet previously agreed conditions
.
Brazilian oil company Petrobras announced the adjustment of a $665 million contract involving the sale of its entire stake in the Bauna field to Australia's Karoon Energy
.
The Bauna field is located in the Santos Basin of the Atlantic Ocean
.
Under the terms of the contract, Karoon will make an initial payment of $380 million to Petrobras, including a down payment of $49.
9 million on July 24 and $150 million on the date of closing, subject to the fulfillment of certain conditions
.
Petrobras said the remainder of the $380 million will be paid
in 18 monthly instalments from the date the transaction closes.
The remaining $285 million will be disbursed
by 2026.
Due to the COVID-19 pandemic, the terms of the deal have changed, which has made it difficult to meet previously agreed conditions
.
