Fossil Energy – Suriname
Chevron Suriname Exploration Limited (CSEL) has signed a farm-out agreement with Shell (KE Suriname B.V) to assign a 20% participating interest from CSEL’s 60% participating interest in Offshore Suriname Block 5.
Paradise Oil Company (POC), a wholly owned subsidiary of Staatsolie Maatschappij Suriname N.V., retains its non-operated participating interest of 40%. The details of the deal, signed on 17 December, are not disclosed.
Staatsolie welcomes the participation of a renowned party such as Shell in Block 5. The farm-out underlines the great interest there is in the offshore area of Suriname. An interest that has been fueled by the recent major discoveries, but certainly also by Suriname’s good work in presenting prospects in the offshore blocks to the oil and gas world.
Shell’s participation in Block 5 also means that more expertise is involved in the analysis, which will increase the chance of more exploration successes in the Surinamese offshore.
It is worth noting that the farm-out deal was signed by Chevron’s Senior Commercial Advisor for Global Exploration Kevin Peters, Upstream Director at Staatsolie Rekha Bissumbhar, General Manager of Staatsolie Mike Resomardono, and Country Manager External and Government Relations for Shell in Suriname Annand Jagesar.