The offshore CHO OFF 5 block covers an area of 402,417ha and is located in Colombia's Chocó Offshore basin. The block is part of the 2014 Colombian Round for production and exploration licenses, promoted by local hydrocarbons agency ANH and the mines and energy ministry (Minminas). The contract requires participants to acquire 1,000 square kilometers of 3D seismic, or its equivalent in 2D seismic, and to perform 80 piston core tests during the first 36-month phase. Second and third 36-month phases will require the drilling of one exploration well each. The contract will last nine years for exploratory activities and 24 years once production has started, and is extendable for another 10 years.