Petrobras has started negotiations with Karoon Gas Australia Ltd for the sale of stakes in the Baúna and Tartaruga Verde fields. The potential transaction considers the sale of 100 percent of our stakes in the Baúna field, located in shallow waters in the Santos Basin post-salt region, and the half of the interests in the Tartaruga Verde field, which is in deep waters in the Campos Basin post-salt area. We will continue as the operator of this field.

The Baúna field has been in operation since February 2013, and currently produces about 45,000 bbl/day. The Tartaruga Verde field is at its early stages of development, with significant investments yet to be made.

Karoon Gas Australia Ltd is an Australian energy company holding interests on the global Oil and Gas market. Its main assets are located in Australia, Brazil, and Peru. Karoon currently holds five E&P concessions in Brazil.

The transaction is still subject to the negotiation of its final terms and conditions, to the approval of the competent Petrobras and Karoon bodies, and to approval of the Administrative Council for Economic Defense (CADE) and of the National Petroleum Agency (ANP).

The Baúna and Tartaruga Verde field sale project, carried out through a bidding process, is part of our 2015-2016 Divestment Plan.

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About Karoon Gas Australia Ltd

Karoon Gas Australia Ltd is an international oil and gas exploration company with projects in Australia, Brazil and Peru.
Karoon looks for high equity interests in early stage exploration opportunities containing large potential targets in basins with proven Petroleum Systems. Karoon strives to create shareholder value through the geotechnical work‐up of the acreage, leveraging its high equity interests to explore and appraise these opportunities to achieve commercialisation.  
While the company’s core strategy is identifying off‐shore early stage exploration opportunities, Karoon’s longer‐term strategy is to retain residual equity interests in the assets as they go into production.