QatarEnergy has signed two Production Sharing Contracts (PSCs) with Staatsolie, a Surinamese oil and gold company, for the offshore Blocks 64 and 65, which it had won during a bid round held in June 2023.
Pursuant to the signed contracts, QatarEnergy will own a 30 percent working interest in block 64, while TotalEnergies (the operator) will own 40 percent, and Petronas will own 30 percent. QatarEnergy will also own a 40 percent share in Block 65, while Shell (the operator) will own 60 percent.
Saad Sherida Al-Kaabi President & CEO – QatarEnergy
“We are delighted to sign the production sharing contracts for blocks 64 and 65, which will increase our working footprint in the promising basins of Suriname. We are also pleased to work with TotalEnergies, Petronas, and Shell in these blocks, and we look forward to achieving good results for the benefit of all parties involved. I would like to take this opportunity to thank the Surinamese authorities and Staatsolie for their commitment and support that resulted in the signing of these agreements.”
Both blocks 64 and 65 are located about 200-250 km offshore Suriname in water depths of about 1,300-1,700 meters. An exploration well will be drilled in both Block 64 and Block 65 in the first phase, which will last three years. In Block 63 the first exploration well follows in the second phase of the exploration period. In the event of an oil or gas discovery that is declared commercial, Staatsolie has the right to participate in all three blocks for a maximum of twenty percent from the development period.
In November 2022, Suriname launched a bidding round for up to six offshore blocks near projects where oil and gas reserves have been found, and received bids until the end of May. The nation produces crude onshore, but has not begun offshore output.
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