PARAMARIBO, Suriname, CMC -The state-owned oil and gasoline firm, Staatsolie Maatschappij Suriname N.V has signed a manufacturing sharing contract (PSC) with PETRONAS Suriname E&P B.V. (PSEPBV) and Paradise Oil Firm N.V. (POC) for Block 66 in Suriname’s deep offshore.
Paradise Oil Firm NV is an entirely owned subsidiary of Staatsolie and was established in 2005 to hold out exploration actions. PSEPBV, alternatively, is a subsidiary of the Malaysian power big.
In an announcement, Staatsolie mentioned PETRONAS had acquired the exploration, improvement, and manufacturing rights in Block 66 with the signing of the PSC.
It said that the corporate has an 80 p.c taking part curiosity, and thru its subsidiary POC, Staatsolie has a 20 p.c taking part curiosity. PETRONAS has dedicated to drilling two exploration wells positioned in promising elements of the block through the first section of the exploration interval.
The PSC was signed by Staatsolie Managing Director Annand Jagesar, the Nation Head of PETRONAS Suriname, Zamri Baseri, and Rekha Bissumbhar, Director of POC. Mohd Redhani Abdul Rahman, Vice President of Worldwide Property of Upstream PETRONAS, attended the signing.
Staatsolie mentioned the PSC signing strengthens its partnership with PETRONAS to develop Suriname’s oil and gasoline potential collectively.
Block 66 is roughly 3,390 sq. kilometers in measurement and is positioned deep offshore, with water depths starting from 1,000 to 2,200 meters. The block is within the western a part of the Suriname-Guyana Basin and borders Block 52 to the south and Block 58 and Block 53 to the west, blocks the place oil and gasoline discoveries have been made.
PETRONAS is presently lively in Blocks 48, 52, 53, 63, 64, and 66, having made 4 oil and gasoline discoveries up to now. The discoveries in Block 52 are present process intensive analysis.
“With the signing of the PSC, roughly fifty p.c of Suriname’s offshore space is now underneath contract. This aligns with Staatsolie’s technique to develop Suriname’s oil and gasoline potential with respected worldwide companions,” Staatsolie mentioned within the assertion.
