Petrobras in early December 2019 released a teaser to disclose the divestment opportunity to sell its interest in the ES-T-506 and ES-T-516 exploration blocks in the Espirito Santo Basin. The Round 11 blocks are operated by Cowan Petroleo e Gas (50%) with Petrobras as partner holding the remaining 50%. Offers must be separate for each block with Cowan as operator having the right of first refusal for the transactions. Both areas are in the first exploration period, which is due for expiry in June 2020 but may be extended to June 2022. The minimum exploration program for the first period of exploration in both blocks calls for the drilling of three wells in each block.The ANP board of directors on 23 August 2018, approved the reinstatement of 646 days on the contracts for Round 11 blocks ES-T-496 and ES-T-516 in the Espirito Santo Basin. The blocks were previously in force majeure. The ruling is counted from the date of issuance of the environmental licenses for the blocks which was 9 June 2017, so the end of the first exploration period for the contracts at that time went from 30 August 2016 to 14 June 2019, while the end of the second exploration period changed from 30 August 2018 to 14 June 2021. The blocks included a total of five new field wildcats with oil and gas shows that have not been developed. In the central part of the ES-T-506 Block the 1BRSA424ES was drilled to a total depth of 1,666m in 2006 and found oil shows. In the northwest part of the block, also in 2006, Petrobras found oil and gas shows in the 1BRSA428ES at a total depth of 1,548m. In the southwest part of the block in 2007, Petrobras reached a total depth of 1830m and found oil shows in the 1BRSA488ES. However, no wells have been drilled on these blocks under the most recent Round 11 contracts awarded to Cowan in 2013. 
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