Fossil Energy – Suriname
Staatsolie Maatschappij Suriname (Staatsolie) and PetroChina Investment Suriname (PetroChina), a subsidiary of China National Petroleum Corporation, signed production-sharing contracts for offshore blocks 14 and 15 mid September 2024.
By signing the production-sharing contracts, PetroChina has obtained exploration, development and production rights in Block 14 and Block 15. Staatsolie has a thirty percent participation interest through its subsidiary Paradise Oil Company N.V. (POC).
The contracts were signed by Annand Jagesar, Staatsolie’s Managing Director, Yu Zhang, representative of China National Petroleum Corporation, and Rekha Bissumbhar, POC Director. POC and PetroChina will also sign a Joint Operating Agreement (JOA).
The JOA sets out the agreements between the contract parties regarding the exploration, development and production of oil and gas, and the distribution of the costs, risks and revenues of the project.
Block 14 and Block 15 were part of the Suriname Shallow Offshore 2 Bid Round 2023-2024. PetroChina was one of the companies that submitted a bid and was awarded these blocks.
The blocks are in the eastern part of the Suriname-Guyana basin and border Block 52, where oil and gas discoveries have previously been made. Block 14 has water depths of 50 to 75 meters and Block 15 from 75 to 150 meters.
