Hefty write-downs are the flavour of the month for oil and gas behemoths around the globe.
And Woodside Petroleum joined the likes of BP, Shell and ENI on Tuesday afternoon, when it announced $6.3 billion in write-downs and charges in advance of a quarterly update tomorrow.
But it isn't the only ASX player feeling the heat from the crash in the price of a barrel of crude. Tonight, we take a dive into what's going on at Karoon Energy, which is in the process of renegotiating its $1 billion Brazilian oil acquisition.
It signed the deal in July last year when oil was pushing $US60 a barrel but the subsequent oil collapse means Karoon can't finalise debt funding to get the deal over the line, nor would it want to at the deal's current price. We unveil what options are on the table.
Meanwhile, we have a look at Australia's second biggest bond raising, which was sold to the market yesterday and received orders worth $50.6 billion.
Australia's Karoon Energy is seeking to renegotiate its $1 billion Brazilian oil acquisition in a bid to revive the company-changing deal and reflect changes in oil and financial markets.
Australia has raised $17 billion in its second biggest ever bond auction, after being swamped with demand from central banks, asset managers and lending banks globally
