Brazilian state oil firm Petrobras has scrapped talks with Japanese companies including Mitsui & Co to sell a stake in the giant Jubarte oilfield and decided to develop it on its own, a Tokyo-based executive of the South American company said.

Petrobras can fund on its own the project, which requires an estimated total investments of $3 billion, Osvaldo Kawakaimi, the general manager at its Tokyo office, said.
“Unfortunately, we have suspended this negotiation,” Kawakami said in an interview.
“We decided to go on our own for Jubarte. Fortunately, because of high prices of oil and because cash flow of our company is increasing, we do not need a finance."
Jubarte, located in the Campos basin, has an estimated 600 million barrels of heavy oil reserves.
Petrobras said in October it had invited Japan’s Mitsui, Sumitomo and Mitsubishi in its bid to sell a 15-per cent stake in the field to one of the companies.
They were also bidding to clinch the deal on the financing and second-phase development of the Brazilian Jubarte project.
The negotiations deadlocked because of volatile oil prices and gaps in valuations of the project between Petrobras and the bidders.