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UPDATE 1-Brazil's Petrobras ends sale process of Albacora field

·1 min read

(Adds statement from PetroRio)

Sept 8 (Reuters) - Brazil's state-run oil company Petrobras said on Thursday that its executive board approved the ending of the sale process of the Albacora oil field.

The company, which was in negotiation with PetroRio SA , said it will maintain ownership of the field, given it was not possible to reach an agreement that "reflects the valuation of the asset" for the firm.

In a separate statement, PetroRio said the transaction "would not embody either the appropriate return or risk profile for the project."

It added that the decision would not affect the Albacora Leste field transition, which is expected to be approved in the coming months by oil regulator ANP. (Reporting by Carolina Pulice; Editing by Brendan O'Boyle)