PetroChina Investment Suriname BV, a subsidiary of China National Petroleum Corp., signed a production sharing contract on Blocks 14 and 15 in Suriname with state-owned Staatsolie Maatschappij Suriname.
The blocks, part of the Suriname Shallow Offshore 2 Bid Round 2023-2024, lie in the eastern part of the Suriname-Guyana basin and border Block 52, where oil and gas has been discovered. Block 14 lies in 50-75 m of water and Block 15 lies in 75-150 m of water.
PetroChina has obtained exploration, development, and production rights in Block 14 and Block 15. Staatsolie holds 30% participation interest through its subsidiary Paradise Oil Co. NV (POC). The two companies also will sign a joint operating agreement regarding exploration, development, and production of oil and gas, and the distribution of the costs, risks, and revenues of the project.
