The development stages:Exploration drilling/2017-03.Block 2 was put out to tender during the first phase of Round 1 and holds 40Mboe of risked resources, according to CNH. The 195 square kilometers light oil block was awarded to a consortium formed by Talos Energy (45%) as the operator, Sierra Oil & Gas (45%), and Premier Oil (10%). The production sharing contract (PSC) was signed on September 4, 2015. According to the contract, the state has a 55.99% share in production and the consortium will keep 44.0.01. The consortium has a four-year exploration period from the date of signing the contract, which may be extended by up to two years. After this period, if there is a commercial discovery, a development plan will be presented. The exploratory phase must have 13% national content, while the development phase must have 25% domestic content during the first year, increasing to 35% in subsequent years.