Friday, September 29, 2023

Qatar Petroleum upbeat about increasing its presence in new South America hot spot

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Qatar Petroleum is increasing its presence in the Guyana-Suriname Basin where latest estimates put recoverable oil equivalent resources to well over 20 billion barrels, representing double what has been discovered so far across the new South American oil province.

Suriname state oil company Staatsolie Maatschappij Suriname N.V. announced on Friday that oil companies were awarded two offshore blocks under Production Sharing Contracts as part of the recent Suriname offshore bid round. These include Chevron Exploration Suriname Limited and a consortium comprising Qatar Petroleum (20%), TotalEnergies (Operator – 40%) and Staatsolie (40%).

The Qatar Petroleum consortium was awarded the right to explore shallow water blocks 6 and 8, which are immediately adjacent to the prolific Block 58 discoveries.

Saad Sherida Al-Kaabi

“We are pleased to be awarded exploration rights in blocks 6 and 8, and this represents Qatar Petroleum’s first entry into Suriname,” said Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Petroleum. “This successful result also increases our presence in the Guyana-Suriname Basin and further strengthens Qatar Petroleum’s footprint in Latin America, marking yet another successful step towards realizing our international growth ambitions.”

Al-Kaabi thanked the Surinamese authorities for what he described as “a comprehensive and efficient tender process, as well as our strategic partner, TotalEnergies, for their excellent cooperation in achieving this result.”

Located in the southern part of offshore Suriname, close to the border with Guyana, the adjacent blocks 6 and 8 lie immediately south of block 58 in shallow waters, with depths ranging between 30 and 65 meters. The two blocks cover a combined area of approximately 2,750 square kilometers.

Qatar Petroleum is also reported to have entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana. Under the agreement, Qatar Petroleum said it would hold 40% of Total’s existing 25% participating interest in the Orinduik block. The other partners in this block are Tullow Oil (the Operator) with a 60% participating interest and Eco Atlantic with a 15% interest. Also, under that agreement, Qatar Petroleum said it would hold 40% of Total’s existing 25% participating interest in the neighboring Kanuku block. The other partners in this block are Repsol (the Operator) with a 37.5% participating interest and Tullow Oil with a 37.5% interest.

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