Brazilian state-controlled company Petrobras has cancelled plans to sell stakes at a cluster of deep-water fields in the Sergipe-Alagoas basin.

Petrobras did not give reasons for the change of heart, but strengthening prospects for a lengthy period of higher oil prices are triggering a rethink on portfolio strategies at oil companies around the world.

“Petrobras constantly evaluates its portfolio and, considering the alignment of the concessions to the company’s strategy and the improvement of Petrobras’ economic-financial indicators, the concessions were kept fully in the portfolio, marking the beginning of the development of a new frontier in deep waters in the Sergipe-Alagoas basin,” the company said.