State-owned Petróleo Brasileiro SA, or Petrobras, started the process to sell its 50% stake in the offshore BM-P-2 concession in the Pelotas Basin in the Brazilian state of Rio Grande do Sul, according to a Dec. 16 securities filing.

The BM-P-2 concession is located in water depths between 1,000 meters and 2,000 meters. Petrobras acquired the concession in 2004, with French oil major Total SA becoming a partner after acquiring a 50% stake in 2013. According to Petrobras, the concession is strategically positioned in relation to the 18th ANP Bidding Round, scheduled for 2021, in which blocks from the Pelotas Basin will be selected.

The sale is part of Petrobras' plan to reduce debt by selling assets. The divestment program brought in $15.3 billion year-to-date as of Oct. 15, and the Brazilian oil major aims to sell $20 billion to $30 billion in assets in 2020-2024.