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.
