Staatsolie announced that after the signing of production sharing contracts for Blocks 14 and 15 with PetroChina Investment Suriname B.V., nearly 46% of Suriname’s offshore area is now under contract.
PetroChina, a subsidiary of China National Petroleum Corporation (CNPC), obtained exploration, development, and production rights for the blocks during the Suriname Shallow Offshore 2 Bid Round 2023-2024.
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Staatsolie, through its subsidiary Paradise Oil Company N.V. (POC), holds a 30% participation interest in the blocks. The contracts were signed on September 13, 2024, by Staatsolie’s Managing Director, Annand Jagesar, Yu Zhang from CNPC, and POC Director Rekha Bissumbhar. A Joint Operating Agreement (JOA) will soon be established to outline responsibilities and cost-sharing between POC and PetroChina.
Blocks 14 and 15, located in the eastern Suriname-Guyana basin, lie near Block 52, where significant oil and gas discoveries have been made.
Staatsolie’s ongoing efforts to secure offshore blocks are part of a strategy to maximize international partnerships and enhance understanding of Suriname’s offshore geology. With participation interests in other blocks, Staatsolie is working to position itself as the “Master of the basin” by converting geological data into valuable insights, which can lead to future hydrocarbon discoveries.
The company’s goal of having as much of the offshore area under contract with international entities is seen as vital for Suriname’s long-term energy prospects.
