Fossil Energy – Suriname
Suriname’s state-owned oil company, Staatsolie announced it has signed a production sharing contract with a subsidiary of the US-based Chevron Corporation for exploring and producing oil at a shallow-water block.
The agreement is seen as a move by Chevron to expand its operations in the Guianas which is home to more than 20 significant oil discoveries since 2015.
The Guyana-Suriname Basin has emerged as the most exciting exploration address in the Atlantic Margin. Exploration activity offshore Guyana and Suriname spans nearly half a century, but it took ExxonMobil’s Liza-1 discovery in 2015 to sharpen the industry’s focus on the basin’s prospectively.
With the Liza discovery in Guyanese waters, exploration activity increased in both Guyana and neighbouring Suriname. So far, Apache and TotalEnergies have made five significant discoveries in Block 58 off the Surinamese coast, while Malaysian Petronas has also made a major oil discovery.
With the signing of the Production Sharing Contract (PSC), Chevron has obtained exploration, development, and production rights in Block 7.
Block 7 is in the west of the shallow offshore area and has a size of 1867km2.