Staatsolie and Apache Corp sign PSC for offshore Suriname Block 58

Jun 25, 2015 12:00 AM

Staatsolie Maatschappij Suriname and Apache Corp have signed a production sharing contract for exploration, development and production of offshore Block 58 on Wednesday 24 June 2015.

The agreement, with a 30 years validity, is divided in an exploration, a development and a production phase. Parties have agreed to a minimum working program for the exploration period during which geological surveys, seismic data gathering and exploration drilling are scheduled. All costs during the exploration phase will be covered by Apache and must only be redeemed by Staatsolie in case Apache makes a commercially recoverable find and commences production. The contract offers Staatsolie a maximum stake of 20 percent for participation in the development and production phase.

Block 58 is located approx. 200 kms north west off the coast of Paramaribo, in water depths of 55 to 2,250 meters. Staatsolie has 2,245 kms of 2D seismic data available of the 5,830 sq kms block. Block 58 was offered during the 2014/2015 international bidding round.

The contract specifically addresses the issues of inspection, safety and environment. It also specifies about employment for locals, training courses, social programs and dismantling when the operations are concluded.

Rudolf Elias, Staatsolie’s Managing Director, signed on behalf of the company while James Parr, Vice President International New Ventures and Gulf of Mexico signed for Apache Corp.

In October 2012 Apache signed a production sharing contract with Staatsolie for offshore Block 53. In February 2015, the company drilled the Popokai 1 exploration well. Apache’s partners in Block 53 are CEPSA (Spain) and Petronas (Malaysia).

Photo - see caption
Staatsolie and Apache Corp sign PSC for offshore Suriname Block 58

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