On 28 November 2005, the Government of Papua New Guinea announced the reservation of blocks for a planned acreage release in 2006. Fifteen blocks, labelled A to O, will be made available for bidding, the majority of which are located in the Gulf of Papua and onshore southern coastal areas.  It constitutes the largest acreage release ever seen in the country. In May 2006, the government officially launched the Licensing Round Promotional Programme. The bid round itself will formally open on 13 September 2006, to coincide with the beginning of a promotional road show in Singapore. The bid round will close on 13 April 2007 and a decision on successful bidders will be made within eight weeks of the closing date.

2006 Licensing Round Show Schedule

• Singapore:  September 13-16
• Calgary:  September 18-20
• Houston:  September 25-27
• London:  October 2-4
• Perth:  October 10-12

Bids are to be submitted on a work programme basis over a six year term, split into three two year phases. The programme submitted for the first two year phase must be completed but a permit can be surrendered after the first two years or every year thereafter. 50% of the permit area must be relinquished after year six unless a discovery is made in which case a Development Licence may be applied for over the relevant area.