Deal Insight

Karoon Gas buys Bauna from Petrobras for US$665 million

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30 July 2019

Karoon Gas buys Bauna from Petrobras for US$665 million

Report summary

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.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Bauna's strategic fit in Petrobras' portfolio
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Karoon Gas buys Bauna from Petrobras for US$665 million

    PDF 1.83 MB

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