European supermajor Shell has cancelled plans to divest its 50% operating stake in the Parque das Conchas deep-water cluster offshore Brazil.

Shell received bids last November from three companies — Enauta, Prio and Karoon Energy — interested in acquiring control of Parque das Conchas, which includes the Argonauta, Ostra and Abalone fields.

The process was moving forward swiftly but Shell had a change of heart last weekend and opted not to move forward with the sale, one source told Upstream.