Only one block in the Santos basin attracted a bid in Brazil’s 14th offshore licencing round, the country’s oil watchdog ANP said.
It indicates that companies have not recovered enough of their confidence to start spending more on exploration in the aftermath of the crude price rout.
Karoon Gas Australia secured block S-M-1537 with a bid totalling £4.7million, according to ANP.
Seventy-six blocks had been on offer in the Santos basin, the second largest producer of oil and the first natural gas in Brazil.
In July, the basin produced 1.1million barrels of oil and 5.5million cubic meters of natural gas per day.
In all, 287 blocks were offered in 29 sectors of nine sedimentary basins during the 14th round.
Chinese firm CNOOC and Spanish company Repsol picked up blocks in the Espirito Santo basin.