Brazil’s state-run oil company, Petrobras, has decided to stop selling the Bahia-Terra group in northeastern Brazil, Petrobras CEO Jean-Paul Prats said.
The decision represents a blow to the smaller Brazilian oil company, Petroconcavo, and the energy company Eneva, which last year received a joint offer to choose the group to move to the negotiating stage.
Petrobras said their offer was more than $1.4 billion, but the deal between the two parties was never signed.
Bahia-Terra was part of a broader divestment plan that Petrobras has undertaken in recent years to reduce its high debt levels, which has included the sale of refineries and non-essential oil and gas fields.
But Brazil’s new government halted ongoing asset sales when it took office in January.
Bahia-Terra has 28 licenses to operate the onshore oil and gas fields located in the state of Bahia.
