HOUSTON, TEXAS (Editors at Energy Analytics Institute, 3.Feb.2025) — Petrobras received contingent payment installments (earnout) this week for R$2.161bn from the partners of the Sépia and Atapu blocks and R$516mn from Karoon Petróleo & Gás Ltda., a subsidiary of Karoon Energy Ltd., referring to the sale of the Baúna field.
Earnout for Sépia and Atapu blocks
Petrobras received R$2.161bn from the partners of the Sépia and Atapu blocks – TotalEnergies EP Brasil Ltda. (28%), PETRONAS Petróleo Brasil Ltda. (21%) and QatarEnergy Brasil Ltda. (21%) in Sépia; Shell Brasil Petróleo Ltda. (25%) and TotalEnergies EP Brasil Ltda. (22.5%) in Atapu.
The contingent payment refers to 2024, Petrobras said 3 Feb. 2025 in an official statement.
Under the terms of Ordinance 08 of 19 Apr. 2021, issued by the Ministry of Mines and Energy (MME), and the bid notice for the 2nd bidding round of the Surplus Volume from the Transfer of Rights under the Production Sharing regime, held on 17 Dec. 2021, the earnout values were established for the Sépia and Atapu blocks, which will be due between 2022 and 2032 and will become payable from the last business day of Jan. of the year following the year in which the average annual price of Brent oil exceeds $40 per barrel, up to a limit of $70/bbl.
Earnout for divestment of the Baúna field
Petrobras also received R$516mn from Karoon Petróleo & Gás Ltda. referring to the sale of the Baúna field and equivalent to the contingent payment of the oil barrel price referring to the year 2024.
Such payment is in accordance with the terms of the agreement negotiated between the companies regarding the sale of Petrobras’ entire stake in the Baúna field (concession area BM-S-40), located in shallow waters in the Santos Basin, to Karoon, occurred in 2020.
The final installments of the aforementioned contingent payment may be received by Petrobras until 2027, corresponding to the year 2026, depending on the future evolution of the price of oil per barrel, Petrobras said in the statement.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
