Petrobras and majors sit out worst Brazil oil round in decade

Rio de Janiero

PETROLEO Brasileiro SA sat out an oil licensing round in Brazil for the first time ever as the beleaguered state-run oil giant struggles to reduce the industry's biggest debt load.

The country's National Petroleum Agency sold only 37 of the 266 onshore and offshore blocks it offered on Wednesday in the worst turnout in more than a decade. International majors operating in Brazil, including Statoil ASA, Royal Dutch Shell plc and Total SA, didn't submit any bids.