⁍ Brazilian oil company Petr ⁇ leo Brasileiro SA announced adjustments to a $665 million contract governing the sale of its entire stake in the Ba ⁇ na oil field to Australia’s Karoon Energy.
⁍ The Bauna field is in the Santos basin in the Atlantic Ocean.
⁍ The terms of the deal were changed because of the COVID-19 pandemic, which made it difficult to meet previously agreed conditions.
– Brazil’s state-run oil company is selling its entire stake in an oil field in the Atlantic Ocean to an Australian company for $665 million, Reuters reports. According to a securities filing Friday, Petrobras is selling its stake in the Ba ⁇ na field to Karoon Energy for $380 million, which will be paid in 18 monthly installments through 2026. The deal was altered because of the COVID-19 pandemic, which made it difficult for Petrobras to meet previously agreed conditions. An additional $285 million would be paid through 2026.
Source: https://www.reuters.com/article/us-bauna-petrobras-karoon/petrobras-karoon-agree-on-changes-to-terms-of-665-million-sale-of-bana-field-stake-idUSKCN24Q0KT