The licensing round includes seventeen (17) exploration blocks, covering approximately 55,000 square kilometers, of which six (6) blocks will be awarded. Bids will be accepted on individual or multiple blocks by individual companies or as part of joint efforts. Exploration work program and financial cost recovery, profit split and production bonuses are competitive.
Direct negotiations will also be allowed, but will cease on 31 March, 2004, after which two conferences will take place in London and Houston in April 2004. At the conferences, a complete package including petroleum laws, production sharing contract, tax laws as well as all technical information will be available. The area will be under moratorium through the close of the bid round, 1 November, 2004.