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Petrobras and majors sit out worst Brazil oil round in decade

Petrobras, the most aggressive bidder in previous auctions, has cut investments twice this year in an attempt to reduce the largest debt load in the industry.

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