Karoon Gas buys Bauna from Petrobras for US$665 million

Petrobras announced the sale of 100% of its interest in the Baúna field, located in shallow waters of the Santos basin, to Karoon for a nominal consideration of US$665 million. Baúna has a current output of about 20,000 b/d. Karoon will become the operator of the asset. Petrobras is focused on active portfolio management. Divestments are crucial to fund its pre-salt growth projects and redevelopment of the Campos basin. Non-core assets like the Baúna field are being targeted across the board. The scale of upside for these fields is simply not attractive enough for the Brazilian behemoth, especially considering its expansive opportunity set across the Santos and Campos basins.