A Brazilian federal court has rejected an appeal by Petrobras to allow the state-controlled oil company to proceed with the sale of two oil fields to Karoon Gas Australia.
The court's decision to uphold a Nov. 19 injunction on the sale of the Bauna and Tartaruga Verde fields was made public on Dec. 19 and confirmed on Dec. 20 by a Petrobras employees' union that sued to block the transaction, as well as by Karoon.
In a statement on Dec. 20, Karoon said the legal process could only proceed in February 2017 after the court's recess ended.
Petrobras said in October it was in talks with Karoon to sell the oilfields. An injunction on Nov. 19 suspended the negotiations, prompting Petrobras to appeal two days later.
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