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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.


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

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