Suriname signs PSCs with PetroChina for two offshore blocks

State-owned Staatsolie Maatschappij Suriname and PetroChina, a subsidiary of China National Petroleum Corporation, have signed production sharing contracts for offshore Blocks 14 and 15 in Suriname, according to a statement from Staatsolie on September 13.

PetroChina will lead exploration, development, and production in both Block 14 and Block 15, with Staatsolie holding a 30% participation interest through its subsidiary, Paradise Oil Company (POC). These blocks were part of the Suriname Shallow Offshore 2 Bid Round 2023-2024. Located in the eastern part of the Suriname-Guyana basin, they neighbour Block 52, where previous oil and gas discoveries have been made. Block 14 has water depths of 50 to 75 m, while Block 15 ranges from 75 to 150 m.

Staatsolie, through POC, also holds participation interests in Blocks 5, 6, 7, and 8, which were part of the Shallow Offshore Bid Round 2020-2021, where exploration activities are ongoing. With the addition of these two new production sharing contracts, roughly 46% of Suriname’s offshore area is now under contract, the company noted.