Contents of contract

Each contract shall, (a) state the effective date and duration of the (b) describe the contract area on the effective date of the contract; (c) set forth the rights and the investment and other obligations of the contractor; (d) require the contractor to furnish, in a form and substance satisfactory to the Minister, a 15 letter of credit, bank guarantee, bond or other instrument to secure the fulfilment of the exploration obligations referred to in section 18 (f) of this Act; (e) provide for the sharing of revenues between the Government and the contractor, and terms as to the recovery of expenditures made by the contractor, as applicable to the particular (f) establish procedures for the supervision and control of petroleum operations by the (g) establish procedures for determining the existence of a commercial discovery and for delimiting the area involved; (h) provide for such other matters as are required by this Act to be included in a contract, or include such (not inconsistent with this Act) as may be mutually agreed by the Minister and the