Woodside is providing the financial muscle that has helped Karoon to edge out Portuguese rival Petroatlantic, according to sources with knowledge of the transaction.
State-controlled Petrobras confirmed that it is in talks with Karoon about acquiring the assets but cautioned that talks were "ongoing" and that key points such as the sales price were not finalised. Upstream understands that Woodside is in place as a co-investor, although details of the venture are not yet known.
