| Parameter | Details | 
|---|---|
| OR REPLACE | Redefine an existing context namespace | 
| namespace | Name of the context - this is the namespace for calls to SYS_CONTEXT | 
| schema | Owner of the package | 
| package | Database package that sets or resets the context attributes. Note: the database package doesn't have to exist in order to create the context. | 
| INITIALIZED | Specify an entity other than Oracle Database that can set the context. | 
| EXTERNALLY | Allow the OCI interface to initialize the context. | 
| GLOBALLY | Allow the LDAP directory to initialize the context when establishing the session. | 
| ACCESSED GLOBALLY | Allow the context to be accessible throughout the entire instance - multiple sessions can share the attribute values as long as they have the same Client ID. | 
Oracle documentation (12cR1): http://docs.oracle.com/database/121/SQLRF/statements_5003.htm