In early February 2020 Petrobras announced the teaser to divest the BM-PAMA-3 and the PAMA-M-192 and PAMA-M-194 exploratory blocks in the Para-Maranhao Basin. The sale is part of the Petrobras divestment program which between 2020-24 aims to collect revenues from US$ 20 to 30 billion. Petrobras is the operator of the blocks, with 100% in BM-PAMA-3 and 80% in PAMA-M-192 and PAMA-M-194 partnering with the China's Sinopec holding the remaining 20%. Petrobras aims to divest up to 50% of the BM-PAMA-3 Block and up to 40% in the PAMA-M-192 and PAMA-M-194 blocks. Sinopec could exercise its right of first refusal to acquire the Petrobras stake on PAMA-M-192 and PAMA-M-194. The BM-PAMA-3 Block was awarded in ANP Round Three and is currently in the appraisal phase, due to the discovery made with well 1BRSA903PAS, known as Harpia. The BM-PAMA-8 concession which includes the PAMA-M-192 and PAMA-M-194 blocks was acquired in ANP Round Six and is currently in the second period of exploration.At an ANP Board of Directors Meeting on 28 September 2016, the board reviewed a Discovery Assessment Plan (PAD) for the 1BRSA903PAS discovery on the BM-PAMA-3 block in the frontier Para-Maranhao Basin. The plan calls for a reprocessing of seismic data and new studies of geology and geophysics and the deadline to drill an extension well is now 28 February 2020. The final completion date for the PAD is now 15 December 2020 when Petrobras will have to issue a declaration of commerciality or relinquish the area. Petrobras acquired 3D seismic over the contract in early 2009. The ANP in April 2012 approved Petrobras's discovery evaluation plan for the significant, rank wildcat, 1BRSA903PAS, Harpia prospect, on the south central part of the BM-PAMA-3 Block. To date no follow up appraisals have been drilled for the discovery. Petrobras concluded operations during late September 2011 on the well after reporting oil and gas shows. It was considered by some to be the most significant well drilled in Brazil during 2011. Petrobras drilled the well in a water depth of 2,060m. Petrobras had a PTD of 5,908m for the wildcat and drilled a very large, gravity induced, faulted anticlinal structure. The principal targets were the Eocene portion of the Travosas Formation with secondary targets possibly in the Cenomanian section of the Travosas Formation. Additional targets were believed to exist in the Oligocene and Miocene sections of the Travosas Formation. The Travosas Formation ranges in age from Cenomanian to Pleistocene and is predominantly shale with sandstone turbidites, fans, and channels that range through the entire extent of the formation. The wildcat was the deepest water well ever drilled in the Para-Maranhao Basin and has a play analogy in the successful West African transform margin, Campanian to Turonian fan, channel plays in Ghana and Ivory Coast. 
In early February 2020 Petrobras announced the teaser to divest the BM-PAMA-3 and the PAMA-M-192 and PAMA-M-194 exploratory blocks in the Para-Maranhao Basin.