Fossil Energy – PSC Signage
Staatsolie Maatschappij Suriname and TotalEnergies Suriname and QatarEnergy signed production sharing contracts for offshore blocks 6 and 8 on Monday 8 May 2023.
Staatsolie’s task is to promote and contract the offshore areas after its own analyses. In 2021, the Shallow Offshore Bid Round 2020-2021 was completed. Production Sharing Contracts (PSCs) have already been signed with Chevron from this Bid Round for blocks 5 and 7, with Shell participating in block 5. These blocks are already being explored.
By entering the PSCs, Staatsolie grants TotalEnergies and QatarEnergy exploration, development, and production rights. Staatsolie also has a forty percent participation through its subsidiary Paradise Oil Company (POC). This participation was confirmed by the signing of the Joint Operating Agreement (JOA) in which the conditions are specified.
The costs in the exploration phase will be carried by TotalEnergies and QatarEnergy. As included in the PSC, the exploration period will last six years, with a first exploration well to be drilled in the third or fourth year.
Meanwhile Staatsolie has ensured that new 3D seismic data has been collected in these blocks, so that proceeding to the interpretation of the subsurface can be smoothly. By participating in the PSC with forty percent from the start, Staatsolie will actively participate in the collection and analysis of data.
The PSC is valid for thirty years.