The C-NLOPB, through a Call for Bids process that is subject to Ministerial approval, determines on an annual basis the offshore areas available for exploration activity. The Board issues a call for bids for the approved parcels, and issues exploration rights in the form of exploration licences for specific periods of time to the companies which submit the highest bids in terms of exploration expenditure commitments over a five-year period. Depending on the results of exploration activity, the C-NLOPB could issue further rights in the form of significant discovery licences or production licences.