Petroreconcavo SA started direct negotiations with Braziian state-owned oil company Petróleo Brasileiro SA - Petrobras to buy 34 onshore fields in the northeastern part of Brazil, Reuters reported March 19, citing two oil industry sources.

The oil major reportedly entered talks with PetroReconcavo after 3R Petroleum failed to secure financing for its $453 million deal for the fields announced in November 2018.

The sources told Reuters that the $453 million bid was considered "aggressive," and PetroReconcavo might offer less for the fields.