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Suriname signs production sharing contracts with PetroChina for offshore blocks
Staatsolie, POC and CNPC executives during the signing ceremony. Credit: Staatsolie Maatschappij Suriname
Kaieteur News – Staatsolie, the national energy company of Suriname, has signed production sharing contracts (PSCs) with PetroChina Investment Suriname, a subsidiary of China National Petroleum Corporation (CNPC).
The PSCs were signed for the exploration and development of offshore blocks 14 and 15. This agreement grants PetroChina the rights to explore, develop and produce within these blocks, with Staatsolie holding a 30% interest through Paradise Oil Company (POC).
The contracts were signed by Staatsolie managing director Annand Jagesar, CNPC representative Yu Zhang, and POC director Rekha Bissumbhar. Additionally, POC and PetroChina will sign a joint operating agreement (JOA) detailing the terms for exploration, development and production, along with the allocation of costs, risks and revenues.
Situated in the eastern part of the Suriname-Guyana basin, Blocks 14 and 15 were awarded to PetroChina following its successful bid in the Suriname Shallow Offshore 2 Bid Round 2023–2024. These blocks are adjacent to Block 52, known for previous oil and gas discoveries, with water depths ranging from 50–150m.
Staatsolie and POC also have interests in blocks 5, 6, 7 and 8, which are currently undergoing exploration activities. Recent geological studies indicate promising potential in the shallow offshore region. With the addition of these new contracts, approximately 46% of Suriname’s offshore area is now under exploration and production contracts.
Staatsolie’s strategic goal is to develop the Guyana-Suriname basin by interpreting data to identify potential hydrocarbon-rich areas. This expertise is expected to enhance the success of future offshore bid rounds and the discovery of hydrocarbons. In July, QatarEnergy acquired a 20% stake in a PSC for Suriname’s offshore block 5, partnering with Chevron, which holds a 40% stake as the operator, and POC, which retains the remaining 40% share. “Staatsolie signs production sharing contracts with PetroChina for blocks offshore Suriname” was originally created and published by Offshore Technology, a GlobalData owned brand. (Yahoo News)
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