Since opening up its Oil industry in 1997, Brazil has held six licensing rounds. The fifth round, in August 2003, did not attract any interest from oil companies other than Petrobras. The sixth round, in August 2004, saw 154 blocks sold and raised a record amount of money in licensing fees. However, the majority of the most-promising blocks went to Petrobras. Further, most major foreign investors, such as Shell, BP, and EnCana, avoided direct operatorship of new licenses, instead buying stakes in projects operated by Petrobras. Brazil planned to hold its seventh licensing round in October 2005, and ANP announced that it would offer 1,134 areas in both frontier and established regions.