Petroliam Nasional Bhd clarified on Wednesday it had not entered into any agreement over the oil blocks in Brazil.
It issued the statement following news reports about its possible acquisition of OGX Petroleo & Gas Participacoes SA (OGX)'s interest in the Tubarao Martelo oil block in Brazil's Campos Basin.
"Petronas has not entered into any agreement with OGX or any other party with regards to any oil blocks in Brazil," it said.
Bloomberg reported Brazilian billionaire Eike Batista was seeking to sell 40% of the Tubarao Martelo oil block in Brazil's Campos Basin for US$1bil (RM3.04bil) as soon as next month, a person with direct knowledge of the matter said.
OGX Petroleo & Gas Participacoes SA, the oil producer controlled by Batista, is in advanced talks with Petroliam Nasional Bhd (Petronas), said the person, who requested anonymity because the negotiations were private.
Batista, 56, is selling assets and reshuffling management teams at his interlinked commodities and logistics units amid investor concerns that the billionaire's businesses were losing access to financing.
Shares at his public companies have declined as much as 90% in the past year after OGX cut oil output targets, erasing more than US$27bil of Batista's personal fortune since March 2012.