No it is one of their best asset. However it is small and it is towards the end of the life (6-7 years left). They wanted to concentrate on larger project. Plus they also had a lot of debt they needed to reduce quickly. I suspect in this environment, you would want to be a bit more conservative in gearing going forward.
However, it is a perfect project for Karoon's size. They could start generating income and use the expertise in Bauna to develop their other projects. So I suspect it is a win-win for both. But I think there is more urgency for Petrobras.
No it is one of their best asset. However it is small and it is...
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