The production sharing agreements for offshore blocks 6 and 8 were signed today by Staatsolie Maatschappij Suriname N.V., TotalEnergies Suriname, and QatarEnergy. It is Staatsolie’s responsibility to market and hire in offshore regions based on its own research.
For blocks 5 and 7, production sharing agreements (PSCs) have already been made with Chevron, with Shell taking part in block 5. Exploration efforts are already under progress in these blocks. Staatsolie grants exploration, development, and production rights to TotalEnergies and QatarEnergy by entering into the PSCs.
Additionally, Staatsolie has a 40% stake thanks to its subsidiary Paradise Oil Company N.V. (POC). The Joint Operating Agreement (JOA), which outlines the terms, was signed to affirm this involvement. TotalEnergies and QatarEnergy will be responsible for the costs associated with the exploratory phase.
The exploration period will continue six years, as stated in the PSC, with the first exploration well scheduled to be drilled in the third or fourth year. Now that new 3D seismic data has been gathered in these blocks by Staatsolie, it will be possible to swiftly assess the subsurface. Staatsolie will actively participate in the data collection and analysis by engaging in the PSC with 40% from the beginning.
The PSC, which is valid for thirty years, was signed by Staatsolie’s General Manager Annand Jagesar, the representative of TotalEnergies, Philippe Blanchard and the representative of QatarEnergy, Ali Al Mana. The JOA was signed by the representatives of TotalEnergies and QatarEnergy and the Director of POC, Rekha Bissumbhar.
Blocks 6 and 8 are located in the west of the Shallow Offshore (SHO) area, south of the recent deep water discoveries in Block 58 and north of the mainland producing oil fields.