On 3 February 2020, Petrobras published a modification to its teaser to sell between 40-50% non-operated working interest in the BM-PAMA-003 and BM-PAMA-008 contracts, denominating the asset the Para-Marannao Basin.    Petrobras has 100% working interest      in the discovery evaluation plan (PAD), PA_1BRSA903PAS_BM-PAMA-3      associated with the 833.28 sq km BM-PAMA-003 contract again since May 2016      when the ANP approved the operator assuming the 20% working interest      previously held by Sinopec. The final expiry date of the PAD was extended      from 6 April 2017 to 15 December 2020 and Petrobras is offering up to 50%      working interest in the exploration concession. Petrobras has one prospect      pending an environmental permit in the contract, the Gaviao prospect.  Petrobras is operator of the BM-PAMA-008      Contract, 769.22 sq km PAMA-M-192 block and 769.22 sq km PAMA-M-194 block      with an 80% working interest and lone partner is Sinopec with 20% working      interest whom Petrobras indicated has the first right of refusal on the      40% working interest being offered. The latest ANP information indicates      the contract still in the suspended stage, since 2014, until an      environmental permit is granted by IBAMA. Petrobras has two prospects      pending environmental permits in the PAMA-M-192 block, the Tambaqui and Pirarucu      prospects.     The customary qualification and      manifestation of interest are required to enter the non-binding phase of      the divestment process.   The manifestation of interest must      be sent to exp_pama@petrobras.com.br by 16 February 2020.   The qualification documents must be      sent to exp_pama@petrobras.com.br by 28 February 2020.   On 28 September 2016, the ANP approved a revision to the discovery evaluation plan (PAD), PA_1BRSA903PAS_BM-PAMA-3 operated by Petrobras under the BM-PAMA-003 contract in the offshore Para-Maranhao Basin. The revised PAD has firm and contingent commitments with extensions to decision dates and final expiry. The firm commitments include the following. Petrobras has to PSDM re-process the entire 3D seismic database that exists over the block and conduct new geological and geophysical studies. The operator must also drill an appraisal well by 28 February 2020. The final expiry date of the PAD was extended from 6 April 2017 to 15 December 2020 if all commitments are met. The PAD was originally granted in 2012 and extended the first time in 2015.  Petrobras had to commit to an appraisal well to be granted an extension for its PAD which was last extended in 2015 to 6 April 2017. On 11 April 2012 Petrobras had its discovery evaluation plan (PAD), PA_1BRSA903PAS_BM-PAMA-3 approved for the 1-PAS-027 (1-BRSA-903-PAS), Harpia prospect in the Para-Maranhao Basin BM-PAMA-003 contract and block by the ANP. The entire block area of 833.29 sq km is included in the PAD. Petrobras had PAD commitments to re-process the entire 3D seismic database that exists over the block and re-interpret the geology and geophysics with an end date of 6 October 2013.   On 22 October 2014, the ANP granted formal approval for operator Petrobras to suspend the 2nd period of the BM-PAMA-008 Contract, PAMA-M-192 and PAMA-M-194 blocks in the offshore Para-Maranhao Basin until an environmental license is granted by IBAMA. The 2nd and final period expiry date of the contract was 24 September 2014 and the suspension has been granted retroactive to 9 July 2014. Once an environmental permit is issued Petrobras will have 107 days added to the contract and 87 days to its retroactive date which indicates the contract will actually have a term of 185 days once the environmental permit is issued.
Petrobras published a modification to its teaser to sell between 40-50% non-operated working interest in the BM-PAMA-003 and BM-PAMA-008 contracts, denominating the asset the Para-Marannao Basin. Petrobras has 100% working interest in the discovery evaluation plan (PAD), PA_1BRSA903PAS_BM-PAMA-3 associated with the 833.28 sq km BM-PAMA-003 contract again since May 2016 when the ANP approved the operator assuming the 20% working interest previously held by Sinopec. 