Staatsolie, PETRONAS sign production sharing contract for Block 66

Staatsolie signed a production sharing contract (PSC) with PETRONAS and Paradise Oil for Block 66 in Suriname’s deep offshore.

PETRONAS acquires an 80% interest and the exploration, development and production rights in Block 66. Staatsolie has a 20% interest. PETRONAS has committed to drilling two exploration wells located in promising parts of the block during the first phase of the exploration period.

Block 66 is approximately 3,390 sq km in size and located in the deep offshore with water depths ranging from 1,000 to 2,200 m. The block is in the western part of the Suriname-Guyana Basin and borders Block 52 to the south and Block 58 and Block 53 to the west; blocks where oil and gas discoveries have been made. PETRONAS is now active in Blocks 48, 52, 53, 63, 64 and 66 and has so far made four oil and gas discoveries, with the discoveries in Block 52 undergoing intensive evaluation.