Anadarko Petroleum Corp has put the sale of some of its deepwater assets in Brazil on hold, the company said.
"We are currently in a holding pattern with regard to any divestitures in Brazil," Anadarko spokesman John Christiansen said in an email.
Anadarko has about 1 million offshore Brazil acres with multiple deepwater prospects near existing discoveries. The company hired bankers last year to evaluate the sale of the Brazilian assets. According to one source familiar with the matter, the sale process has not been active for some time, and while it has not been officially pulled, it is unlikely to result in a deal.
The source, who spoke on the condition of anonymity, said Anadarko believes the assets are worth more than bidders are currently willing to pay. The Financial Times previously reported that the asset sale had been halted.
Anadarko said in November it was contemplating an exit from Brazil, with a sale targeted for 2012. At its investor meeting in March, the Houston company said it was in discussions about the assets, but declined additional comment. Shares of Anadarko were down 47 cents at $72.16 in afternoon New York Stock Exchange trading.