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Staatsolie taking ‘accelerated steps’ to prepare for offshore oil bounty

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Fresh off the historical twin oil discoveries at Block 58, Suriname state oil company Staatsolie says the oil strikes mark a change for both the company and country and it has been preparing for this for years, partly through its Strategy for Success, a six-core strategy.

“Now that two discoveries have been made – and several are expected to follow – Staatsolie is taking accelerated steps to respond to the opportunities,” the company said.

The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12 miles) apart at Block 58.

“It is important to us that Suriname also has the maximum long-term benefit from oil and/or gas production. If the country wants to take full advantage of any future revenues from offshore oil and/or gas production, the public debate on this has to start now,” Staatsolie pointed out.

Rudolf Elias, CEO of the company has said it is of the utmost importance that a national dialogue is started on the spending of oil revenues that will begin pouring into Suriname.

“There should be a national consensus,” he said. “How much of the earnings would be channeled to the Sovereign Wealth Fund? How much to be invested to develop different segments of the economy and society and how much to be used for consumption?” Elias asked, indicating that these questions must be answered.

Block 58 is reported to comprise 1.4 million acres and offers significant potential beyond the discoveries at Sapakara West and Maka Central-1. Operator, Apache has identified at least seven distinct play types and more than 50 prospects within the thermally mature play fairway.

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