Karoon Gas Australia has once again served default notices to Pacific Exploration and Production, its joint venture partner in the Santos Basin blocks offshore Brazil, related to overdue payment.
Karoon Gas Australia has 65% operated interest in five Santos Basin Brazil blocks, S‐M‐1037, 1101, 1102, 1165 & 1166, while Pacific holds the remaining 35% interest.
The Australian company said on Friday that default notices are consistent with its rights under the relevant Joint Operating Agreements (JOAs) and that the notices relate to Pacific’s failure to make payments under the JOAs.
Karoon stated that “both parties are working together to resolve the issue”.
This is the second time for Karoon to issue such notices to Pacific, the first time being on June 14 this year with Pacific making the payment a day later.
Offshore Energy Today Staff