PARAMARIBO, Suriname, CMC -The state-owned oil and gas company, Staatsolie Maatschappij Suriname N.V has signed a production sharing contract (PSC) with PETRONAS Suriname E&P B.V. (PSEPBV) and Paradise Oil Company N.V. (POC) for Block 66 in Suriname’s deep offshore.
Paradise Oil Company NV is a wholly owned subsidiary of Staatsolie and was established in 2005 to carry out exploration activities. PSEPBV, on the other hand, is a subsidiary of the Malaysian energy giant.
In a statement, Staatsolie said PETRONAS had acquired the exploration, development, and production rights in Block 66 with the signing of the PSC.
It stated that the company has an 80 percent participating interest, and through its subsidiary POC, Staatsolie has a 20 percent participating interest. PETRONAS has committed to drilling two exploration wells located in promising parts of the block during the first phase of the exploration period.
The PSC was signed by Staatsolie Managing Director Annand Jagesar, the Country Head of PETRONAS Suriname, Zamri Baseri, and Rekha Bissumbhar, Director of POC. Mohd Redhani Abdul Rahman, Vice President of International Assets of Upstream PETRONAS, attended the signing.
Staatsolie said the PSC signing strengthens its partnership with PETRONAS to develop Suriname’s oil and gas potential jointly.
Block 66 is approximately 3,390 square kilometers in size and is located deep offshore, with water depths ranging from 1,000 to 2,200 meters. The block is in the western part of the Suriname-Guyana Basin and borders Block 52 to the south and Block 58 and Block 53 to the west, blocks where oil and gas discoveries have been made.
PETRONAS is currently active in Blocks 48, 52, 53, 63, 64, and 66, having made four oil and gas discoveries to date. The discoveries in Block 52 are undergoing intensive evaluation.
“With the signing of the PSC, approximately fifty percent of Suriname’s offshore area is now under contract. This aligns with Staatsolie’s strategy to develop Suriname’s oil and gas potential with reputable international partners,” Staatsolie said in the statement.
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