Chevron Corp completed farmout 20% of its 60% interest in offshore Suriname Block 5 to Royal Dutch Shell. The block is 2,235 sq km and is west of the shallow offshore area 120 km from the coast with water depth of up to 100 m.
Paradise Oil Comp., a subsidiary of Suriname's state-run Staatsolie, retains 40% stake in the block as a non-executive partner, according to the farmout contract.
Staatsolie and Chevron signed a 30-year production sharing contract in October for Block 5 (OGJ Online, Oct. 14, 2021). It is the first time that Staatsolie is participating in offshore activities as a partner.
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
