February 16, 2016 / 4:12 PM / 4 years ago

Shell cancels sale of stakes in Brazil oil fields to PetroRio

SAO PAULO, Feb 16 (Reuters) - Royal Dutch Shell PLC canceled the sale of 80 percent stakes in two mature oil fields off the coast of Brazil to local oil company PetroRio, the oil major said on Tuesday.

Shell also said it will not proceed with the sale of the oil rig FPSO Fluminense to PetroRio.

The total deal was estimated to worth $150 million. It was signed in January 2015 and the period for conclusion of the transaction ended this month. Shell opted not to renew the negotiation period.

“The assets will remain in Shell’s portfolio. We cannot elaborate on the reasons behind the cancellation, since terms of the transaction are confidential,” said the company in a press release.

Bijupir√° and Salema oil fields are located in the Campos basin, off the coast of Rio de Janeiro. Petroleo Brasileiro SA owns 20 percent of the fields.

PetroRio confirmed the cancellation. (Reporting by Marta Camargo; Writing by Marcelo Teixeira; Editing by Marguerita Choy)

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