Suriname must begin discussion on coming oil money – Staatsolie CEO

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Mr Rudolph Elias, CEO of Suriname state oil company Staatsolie Maatschappij Suriname N.V., says with the second significant oil discovery at Block 58 offshore Suriname by Apache Corporation and Total, it is of the utmost importance that a national dialogue is started on the spending of oil revenues that will pour into the South American country.

Speaking in a video posted on Staatsolie’s YouTube page on April 2, Elias said the country needs to be ready for the influx of revenues when production commences in five years.

“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.

Apache Corporation and Total S.A. had on Thursday April 2, 2020 announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The companies reported that the well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest.

It was reported that Sapakara West-1 was drilled to a depth of approximately 6,300 meters (20,700 feet), and successfully tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals.

“Our second discovery offshore Suriname this year further proves our geologic model and confirms a large hydrocarbon system in two play types on Block 58. Based on a conservative estimate of net pay across multiple fan systems, we have discovered another very substantial oil resource with the Sapakara West-1 well,” said John J. Christmann, Apache CEO and President. “Importantly, our data indicates that the Sapakara West-1 well encountered a distinct fan system that is separate from the Maka Central-1 discovery we announced in January this year.”

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

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