Staatsolie has signed a production-sharing contract with Petronas Suriname E&P and Paradise Oil Company for Block 66 in Suriname’s deep offshore, the Suriname NOC said on Tuesday.
Under the deal, Petronas, through its subsidiary PSEPBV, acquires an 80% participating interest and operatorship in the block, while Staatsolie retains a 20% stake via Paradise Oil Company. The agreement includes a commitment to drill two exploration wells during the initial exploration phase.
The PSC was signed by Staatsolie managing director Annand Jagesar, Petronas Suriname country head Zamri Baseri and Paradise Oil Company director Rekha Bissumbhar. Petronas upstream vice-president of international assets Mohd Redhani Abdul Rahman also attended the event.
Block 66 spans approximately 3,390 square kilometres in water depths of 1,000-2,200 metres. It is located in the western Suriname-Guyana Basin, adjacent to blocks where discoveries have already been made. With this addition, Petronas now holds interests in six offshore blocks in Suriname and has reported four oil and gas discoveries to date.
With around half of Suriname’s offshore area now under contract, Staatsolie aims to develop national oil and gas potential through partnerships with reputable international players.
Petronas is Malaysia’s national energy company, active globally in upstream and downstream sectors including exploration, production, refining, marketing and distribution of petroleum and petrochemicals. In Suriname, Petronas is active in six offshore blocks and is focused on expanding exploration and development activities.
Source: theenergyyear.com