Subject to the implementation of the provisions of Section 14(2) of the petroleum code, a concession contract shall be entered into prior to the grant of a hydrocarbon exploration permit. It shall define the rights and obligations of the State and the holder during the exploration permit validity period and, in the event of discovery of a commercially hydrocarbon field, during the validity period of the exploitation concession(s) attached thereto.
The concession contract holder shall be responsible for financing petroleum operations and, in accordance with the terms of the contract, dispose of the hydrocarbons extracted during the contract validity period, subject to the right of the State to collect royalties in kind.