Petronas, Shell, QatarEnergy and TotalEnergies Sign Suriname Offshore Contracts
12.16.2023 By Tank Terminals - NEWS

December 16, 2023 [Reuters]- Shell (SHEL.L), TotalEnergies (TTEF.PA), QatarEnergy and Petronas on Friday signed production-sharing contracts with Suriname state firm Staatsolie for three offshore blocks, expanding foreign participation in the nascent oil producing country.

 

Suriname in November 2022 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.

The South American country is now awarding exploration and production rights on the northeastern margin of the Suriname-Guyana Basin, following two previous auctions in recent years in shallow and deep waters and the planning of large projects.

Shell, TotalEnergies, QatarEnergy and Petronas are already present in Suriname, exploring other blocks. TotalEnergies is expected to make a final investment decision next year on the country’s most promising area, Block 58, which is expected to secure $9 billion in investment.

“This new block fits perfectly with our strategy, which is to focus our exploration activity on low-cost, low-emission material resources in key areas for the company,” said TotalEnergies’ Exploration Director, Kevin McLachlan, in a release.

The exploration period for the three awarded blocks is about seven years. Staatsolie can participate in the projects as an equity partner if commercial discoveries are made.

In blocks 64 and 65, the groups led by TotalEnergies and Shell have offered to drill an exploration well in the first three years, said aid Annand Jagesar, Staatsolie’s managing director.

“That’s a very aggressive program,” he added.

For the next round, Staatsolie plans to upgrade the three blocks that did not receive bids with seismic testing, Jagesar said.

He also said companies in Suriname are trying harder to keep emissions as low as possible by installing electrical systems on the drilling rigs and production platforms, and by adopting “nature-based solutions” including planting mangrove to take emissions out.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

PetroVietnam Gas to Launch LNG Trucking Business
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- PetroVietnam Gas, a unit of state-owned PetroVietnam, will this month ... Read More
Three Firms Join Forces on $3.3 Billion LNG-to-Power Project in Philippines
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- Power companies Meralco PowerGen, Aboitiz Power, and San Miguel Global... Read More
OPEC+ Members Extend Oil Output Cuts to Second Quarter
03.04.2024 - NEWS
March 4, 2024 [Reuters]- OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend ... Read More
Russia Says to Deepen Oil Output Cuts While Easing Export Limits
03.04.2024 - NEWS
March 4, 2024 [Reuters]- Russia will cut its oil output and exports by an additional 471,000 barr... Read More