Australia's Karoon soars after striking new oil field deal terms

Australian oil and gas explorer Karoon Energy has renegotiated the terms of a deal worth nearly $1 billion to acquire an oil field off the coast of Brazil due to the coronavirus crisis and global oil price crash.

Karoon last year sealed a deal to buy the shallow-water Bauna field for $US665 million ($935 million) from Brazilian state-owned Petrobras, marking the Melbourne-headquartered company's first move into oil production. But following negotiations this year, the company said it would now pay an initial $US380 million consisting of a $US50 million downpayment already made, an upfront payment of $US150 million and the remainder payable in the following 18 months.

Read more: https://www.smh.com.au/business/companies/australia-s-karoon-soars-after-striking-new-oil-field-deal-terms-20200727-p55fq6.html

Australian oil producers have slashed their price forecasts in the wake of coronavirus.

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