Petrobras on 11 August 2020 launched a divestment process to sell its 80% operator stake in the Santos Basin S-M-619 pre-salt block. Although it is in the pre-salt polygon, the block is under the concession contract framework, rather than production sharing (PSC) due to the age of the contract which was awarded in ANP Round 7 in 2005 before the existence of a PSC framework. Petrobras partners with Repsol-Sinopec (20%) on the S-M-619 Block with water depths from 350 to 1,650m. The 698 sq km block is currently undrilled but Petrobras claims it has pre-salt potential and includes the Lebre prospect. The contract is still in the first period of exploration and one well needs to be drilled to complete that period of the contract. Bidders must express interest in the divestment by 24 August and register by 9 September. The process is part of a plan by Petrobras to raise US$ 20 to 30 billion in the 2020-2024 period to reduce debt and focus on core assets. The company plans to divest at least 109 areas by year end, a deadline imposed by the ANPÂ to diversify operators in the Brazilian hydrocarbon industry. 
(Santos B.) S-M-0619 operated by PETROBRAS (80%) partner REPSOL-SINOPEC (20%), Petrobras launched a divestment process to sell its 80% operator stake in the Santos Basin S-M-619 pre-salt block. Although it is in the pre-salt polygon, the block is under the concession contract framework, rather than production sharing (PSC) due to the age of the contract which was awarded in ANP Round 7 in 2005 before the existence of a PSC framework.  