Petrobras gives up selling Marlim oil field

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The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker/File Photo

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SAO PAULO, April 4 (Reuters) - Brazil state-run oil company Petrobras (PETR4.SA) said on Monday its executive management had approved the closing of the competitive process for a 50% stake in Marlim oil field, confirming that the cluster is no longer for sale.

"Considering the alignment of concessions with the company's strategy and the improvement of its economic and financial indicators", the Marlin oil cluster is "fully maintained in the portfolio," said Petrobras in a securities filing

The company had announced in November that was abandoning the sale of Marlim offshore oilfield. read more

The asset was considered by the market a difficult sell, as any potential buyer would have had to shell out billions of dollars, but would leave operating the asset entirely to Petrobras.

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Reporting by Carolina Pulice and Peter Frontini; Editing by Sandra Maler

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