U.S. oil major Chevron has signed a Production Sharing Contract (PSC) with Suriname state oil company Staatsolie Maatschappij Suriname for block 5 offshore the South American country.
By entering the PSC, Staatsolie said Chevron has been granted exploration, development and production rights to the block.
“We also have the right to forty percent participation,” Staatsolie said. “For the first time in the history of Staatsolie, from the moment of signing the PSC, we have been participating forty percent as a partner in offshore activities.”
Chevron Exploration Suriname Limited and a consortium consisting of TotalEnergies and Qatar Petroleum had submitted the most favourable bids for shallow offshore blocks in Suriname’s most recent bid round. Chevron submitted a bid for Block 5 while the TotalEnergies consortium submitted bids for Blocks 6 and 8.
Staatsolie had said the bid acreage is considered underexplored. Of these wells, AKT-2, drilled near the shelf edge, had encountered a 205m interval of shows in the Santonian equivalent to the deep-water discoveries, and another 87m of shows in the Albian.