Latest update October 11th, 2026 10:40 AM
Chevron to begin exploration in Suriname’s Block-5 this month – Staatsolie
(Kaieteur News) – Exploration in Suriname’s Block-5 will begin this month, the country’s state-owned oil company Staatsolie announced on Wednesday.
According to a release from the company, Chevron Suriname Exploration Limited is expected to begin drilling the Korikori-1 well, which is located approximately 78 km offshore, in the north-central part of Block 5 at a water depth of around forty meters.
The locations of Suriname’s oil blocks, including Block 5
“Block 5 is operated by Chevron (40%) in partnership with Paradise Oil Company (POC) (40%) and Qatar Energy (20%). Suriname’s National Environmental Authority (NMA) granted Chevron a permit for the drilling operations at the end of July 2025. The well will be drilled by the Noble Regina Allen rig which is expected to arrive in the first half of October,” the statement said.
Drilling operations will take place over a 90-day period, and the intention is to confirm the presence of hydrocarbons within the subsurface. When the well is successfully terminated and data acquired, there can be initial indications and estimations made on the quantity and quality of any hydrocarbons present.
Supplies to the rig with the inclusion of fuel and consumables will be done from Surinamese port facilities at the shore base. This will contribute to increasing the opportunities for local entrepreneurs and suppliers of goods and services to participate in Suriname’s offshore oil and gas industry from a local content aspect.
“Block 5 is located in the western part of Suriname’s shallow offshore area and forms part of the Suriname-Guyana Basin. The block covers an area of approximately 2,200 km² and lies 45 to 82 kilometers offshore, north of the Nickerie district. Water depths range between thirty and sixty meters,” Staatsolie added.
In October 2021, Kaieteur News reported that Staatsolie announced on October 13, 2021, that it is poised to sign a Production Sharing Contract (PSC) with Chevron for the rights to explore, develop and produce in the shallow waters offshore the Dutch-speaking country. By utilising a bidding round as opposed to a one-on-one negotiation and award of the block, Suriname was able to garner several benefits for its offshore concession, which has no discoveries.
One of the major achievements is that it was able to secure US$30.8M for a block that spans 2,235km2. Also of significance is the fact that Staatsolie, for the first time in its history, will participate as a partner in offshore activities since it retained a 40 percent participation right from the moment the PSC is signed. The cooperation was confirmed by the signing of the Joint Operating Agreement (JOA) in which the conditions are specified. The agreements enable Staatsolie to have more influence in the decision-making process and mean that Staatsolie will co-finance as a partner in the possible development and production phase.
Kaieteur News understands that Chevron showed interest in Block 5 at the Suriname Shallow Offshore Bid Round 2020/2021. In this tendering round, interested companies bid for blocks in the so-called shallow offshore, the sea area up to 120 kilometres from the coast and with a water depth of up to 100 metres. Chevron made the most favourable offer for Block 5.
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