Petroliam Nasional Bhd has expanded its footprint offshore Suriname to eight exploration blocks with the signing of two new production sharing contracts (PSCs).
The South American country’s state-owned Staatsolie Maatschappij Suriname NV (Staatsolie) executed the PSCs for Blocks 9 and 10 with Malaysia’s state-owned Petronas and United States oil and gas giant Chevron Corp as operators respectively.
Petronas gets 30 percent in Block 9 as operator through Petronas Suriname E&P BV. Chevron holds 20 percent through Suriname Exploration Ltd, state-owned QatarEnergy 20 percent through QatarEnergy International E&P LLC and Staatsolie’s Paradise Oil Co NV (POC) 30 percent, Staatsolie said in a press release.
Chevron has secured operatorship of Block 10 with a 30 percent interest. Petronas has 30 percent. QatarEnergy 30 percent and POC 10 percent.
The two leases sit in shallow waters about 50 kilometers (31.07 miles) from the Saramacca coast. The water depth is up to 50 meters (164.04 feet). Block 9 spans 2,674 square kilometers (1,032.44 sq miles) while Block 10 covers 2,972 sq km. Each license lasts 30 years, Staatsolie said.
“By signing these PSCs, the parties involved obtain the exclusive rights for exploration, development and production in the respective blocks”, Staatsolie said. “The initial phase of the exploration period will last three years, during which the focus will be on acquiring and processing 3D seismic data to map the subsurface structure”.
QatarEnergy said separately its presence in Suriname now comprises seven offshore blocks.
Petronas said in its own statement it now holds stakes in eight blocks offshore Suriname. Block 9 and 10 “mark a significant milestone in Petronas’ continued expansion in the Suriname-Guyana Basin, a region recognized globally for its hydrocarbon potential”.
Petronas noted both blocks are “strategically located between proven deepwater discoveries and onshore producing fields”.
Earlier this year Petronas signed a PSC for Block 66, which covers about 3,390 square km in deep waters next to Block 52, which contains the Fusaea, Roystonea and Sloanea discoveries.
“Building on this strong foundation, Petronas is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area”, Petronas said June 18.
“The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas’ existing operations in Suriname”.
Petronas operates Block 66 with an 80 percent stake. POC owns 20 percent.
Staatsolie said separately then, “With the signing of the [Block 66] PSC, approximately fifty percent of Suriname’s offshore area is now under contract”.
Petronas has made four oil and gas discoveries in Suriname, all in Block 52: Sloanea-1 in 2020, Roystonea-1 in 2023 and Fusaea-1 and Sloanea-2 in 2024.
Exxon Mobil Corp exited Block 52 last year with the sale of its 50 percent stake to Petronas, now the sole owner.