TotalEnergies, QatarEnergy sign PSCs in Suriname
PARAMARIBO, May 9, 2023 – Staatsolie Maatschappij Suriname has signed PSCs with TotalEnergies and QatarEnergy for the development of offshore blocks 6 and 7, the NOC announced on Monday.
The local entity will retain a 40% share of the two shallow-water concessions through its subsidiary Paradise Oil Company.
French energy giant TotalEnergies will hold a 40% stake in the blocks, with Qatari NOC QatarEnergy taking the remaining 20% stake.
Under the 30-year deal, the exploration period on the two assets will last six years. Costs related to exploration will be covered by the two foreign companies.
Exploration will include new 3D seismic surveys, with the first well planned in 2026 or 2027.
The two blocks were awarded as part of the country’s 2021 shallow-water bid round but remained under negotiation.
TotalEnergies recently announced its ongoing commitment to its Suriname assets, including its 50:50 venture with APA Corporation on Block 58.