Brazilian oil company Prio has ended negotiations with Petrobras over acquiring the Albacora West oilfield, an executive told Upstream this week.

“That is over,” said Prio chief operating officer Francisco Francilmar Fernandes in an interview at the Rio Oil & Gas 2022 conference.

“We could not reach an agreement with Petrobras,” he noted, saying that price was the obstacle.

But he stressed he was still optimistic that Brazil would put more mature offshore oil fields up for sale in the future, and make room for other players besides Petrobras.