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Suriname: Oil Exploration

Statoil to Explore Offshore Blocks in Suriname

| Editor: Alexander Stark

Block 59 is a potential extension of the trend on which the Liza discovery was made in neighbouring Guyana. Block 60 sits adjacent to Tullow-operated Block 54, where Statoil is partner. Tullow is preparing to drill the Araku-1 wildcat exploration well in Block 54 later this year.
Block 59 is a potential extension of the trend on which the Liza discovery was made in neighbouring Guyana. Block 60 sits adjacent to Tullow-operated Block 54, where Statoil is partner. Tullow is preparing to drill the Araku-1 wildcat exploration well in Block 54 later this year. (Source: Statoil)

Statoil has been awarded two additional offshore exploration licences in the Guyana basin. The licenses were awarded through Suriname’s open door policy and production-sharing contracts have been negotiated with the national oil company Staatsolie MaatschappIij Suriname.

Stavanger/Norway — The agreements cover two blocks in the Guyana basin. In Block 59 (water depth ~2,900-3,500 m), the company has been awarded 33,33 % equity interest. Exxon Mobil (operator) and consortium partners Statoil and Hess each hold a third of the interest in the block. In Block 60 (water depth ~700-1,300 m), Statoil has been awarded 100 % equity interest and operatorship.

“These awards build further materiality to Statoil’s exploration position offshore Suriname. This is frontier acreage with high potential, sitting on a trend of recent discoveries. This is in line with our global exploration strategy of accessing early in basins with high exploration potential,” said Nick Maden, senior vice president for Exploration.

In both licenses, the first exploration phase includes commitment to acquiring 2D seismic data and conducting technical studies.

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