Oct 15, 2019

Financing obtained by Australian oil company from ING Bank will have a maturity of four years

Karoon has signed a US $ 275 million line of credit for the acquisition of the Baúna field in the southern Santos Basin. With a four-year maturity, funding from ING Bank N.V’s Singapore branch provides for an additional development of Patola’s discovery, which will be released upon certification of its reserves.

In a statement issued on Monday, the oil company also said it is close to closing an oil trading agreement to ensure “better access to global markets and complement the sale and export of Bauna oil.”

The Baúna field was bought from Petrobras in July, in a transaction valued at US $ 665 million. The field has been producing light oil (33rd API) since February 2012 with FPSO Cidade de Itajaí, operated by the Ocyan / Teekay consortium. In August, the asset extracted 19,000 bopd and 135 million m³ / day of gas.

Karoon has a 100% stake in five blocks in Brazil, all in the Santos Basin (S-M-1037, 1101, 1102, 1165 and 1537).

Source: Brasil Energia Magazine

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