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Staatsolie Secures Offshore Ventures with TotalEnergies and QatarEnergy in Blocks 6 and 8

Surinamese Oil Company Expands Exploration Frontiers in Partnership with Global Energy Leaders

Staatsolie Secures Offshore Ventures with TotalEnergies and QatarEnergy in Blocks 6 and 8

On Monday, May 8, 2023, Staatsolie Maatschappij Suriname N.V., TotalEnergies Suriname, and QatarEnergy officially inked the production sharing contracts for offshore Blocks 6 and 8.

Staatsolie is tasked with promoting and contracting offshore areas based on its own analyses. The Shallow Offshore Bid Round 2020-2021 concluded in 2021, and Production Sharing Contracts (PSCs) for Blocks 5 and 7 were already signed with Chevron, with Shell participating in Block 5. Exploration activities in these blocks are already underway.

By entering into the PSCs, Staatsolie grants exploration, development, and production rights to TotalEnergies and QatarEnergy. Staatsolie also holds a forty percent participation through its subsidiary, Paradise Oil Company N.V. (POC). This participation was confirmed through the signing of the Joint Operating Agreement (JOA), outlining the conditions. TotalEnergies and QatarEnergy bear the costs during the exploration phase. As stipulated in the PSC, the exploration period will last for six years, with the obligation to drill an initial exploration well in the third or fourth year.

Staatsolie has facilitated the collection of new 3D seismic data in these blocks, enabling prompt interpretation of the subsurface. Actively participating with a forty percent share in the PSC from the outset allows Staatsolie to engage actively in data acquisition and analysis.

The PSC, valid for thirty years, was signed by Staatsolie’s CEO, Annand Jagesar, the authorized representative of TotalEnergies, Philippe Blanchard, and the authorized representative of QatarEnergy, Ali Al Mana. The JOA was signed by the representatives of TotalEnergies and QatarEnergy, along with the director of POC, Rekha Bissumbhar.

Blocks 6 and 8 are situated in the western Shallow Offshore (SHO) region, south of recent deepwater discoveries in Block 58 and north of onshore producing oil fields.

Date: 8 May 2023

Categories:  Economic News, Offshore Exploration, Oil and Gas Industry, Suriname 

Tags:  3D Seismic Data, Ali Al Mana, Annand Jagesar, Block 6, Block 8, Joint Operating Agreement (JOA), Offshore Suriname, Paradise Oil Company NV, Philippe Blanchard, Qatar, QatarEnergy, Rekha Bissumbhar, Shallow Offshore, Staatsolie Maatschappij Suriname NV, TotalEnergies 

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