Selection among applicants for production authorizations
۱. Six months after the entry into force of this Convention, and thereafter each fourth month, the Authority shall take up for consideration applications for production authorizations submitted during the immediately preceding period. The Authority shall issue the authorizations applied for if all such applications can be approved without exceeding the production limitation or contravening the obligations of the Authority under a commodity
agreement or arrangement to which it has become a party, as provided in article ۱۵۱.
۲. When a selection must be made among applicants for production authorizations because of the production limitation set forth in article ۱۵۱, paragraphs ۲ to ۷, or because of the obligations of the Authority under a commodity agreement or arrangement to which it has become a party, as provided for in article ۱۵۱, paragraph ۱, the Authority shall make the selection on the basis of objective and non-discriminatory standards set forth in its rules, regulations and procedures.
۳. In the application of paragraph ۲, the Authority shall give priority to those applicants which:
(a) give better assurance of performance, taking into account their financial and technical qualifications and their performance, if any, under previously approved plans of work;
(b) provide earlier prospective financial benefits to the Authority, taking into account when commercial production is scheduled to begin;
(c) have already invested the most resources and effort in prospecting or exploration.
۴. Applicants which are not selected in any period shall have priority in subsequent periods until they receive a production authorization.
۵. Selection shall be made taking into account the need to enhance opportunities for all States Parties, irrespective of their social and economic systems or geographical locations so as to avoid discrimination against any State or system, to participate in activities in the Area and to prevent monopolization of those activities.
۶. Whenever fewer reserved areas than non-reserved areas are under exploitation, applications for production authorizations with respect to reserved areas shall have priority.
۷. The decisions referred to in this article shall be taken as soon as possible after the close of each period.