Petronas, Staatsolie sign contract for deepwater block offshore Suriname

Petronas has signed a production sharing contract (PSC) for Block 66 offshore Suriname.

The agreement, signed by Petronas subsidiary Petronas Suriname E&P BV (PSEPBV), was signed with Staatsolie Maatschappij Suriname NV and Paradise Oil Co. NV (POC), a subsidiary of Staatsolie.

Under the contract, Petronas will serve as operator of the deepwater block with 80% participating interest, while POC holds the remaining 20%.

The block, which spans about 3,390 sq km, lies directly adjacent to Block 52 where Petronas has recorded a series of exploration and appraisal successes, the company said in a release June 18.

The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer resource potential and are “positioned to unlock synergies” with the company’s existing Suriname operations, Petronas continued.

The addition brings Petronas’ offshore interest in Suriname to six blocks, where it has made four discoveries to date (OGJ Online, May 15, 2024; Nov. 3, 2023).