Maha Energy is eyeing at buying Brazilian state-owned oil entity Petrobras’ stake in the Tartaruga oil field, which is located in Sergipe-Alagoas Basin of Brazil.

This move comes after the Swedish firm could not buy the Brazilian company’s field in the initial attempt, the company’s investor relations officer Victoria Berg told Reuters in an e-mail.

Petrobras announced its plans to divest its 25% stake in the Tartaruga field in 2020.

Maha Energy holds 75% stake in the field, which lies in the shallow waters.

Recently, the Brazilian entity stated that its stake sale process for the field was not successful, and it intends to recommence the divesture process.

Petrobras said: “…reinforcing its commitment to the broad transparency of its divestment projects and portfolio management, Petrobras informs that it is restarting the divestment process, with the disclosure of a new opportunity (teaser).”

Berg said that the talks with Petrobas were initiated by Maha regarding the stake acquisition in the oil field; however, the talks failed due to ‘financial/contractual’ reasons.

Berg further added: “Maha will most likely be interested in participating in the relaunched Tartaruga divestment as this represents a natural growth opportunity in a block that we currently operate and plan to further develop having allocated capital investments in the near term.”

Petrobras intend to sell its stake as part of its strategy to allocate resources to profitable deepwater fields.

Last year, the Tartaruga field recorded an average production of around 222bpd of light oil and 4,660 m³/day of associated gas.