Project Profile
Value: Undisclosed
Location: 200 kms (124 miles) off the Suriname coast, Suriname
Area: 8.5 sq kms (3.3 sq miles)
Reserves: unknown
Start-up Year: -
Staatsolie signed a 30 year deal with Tullow Oil and Statoil to invest US$35 million in the exploration of an offshore oil block. Tullow will operate Block 54, which covers roughly 8.5 sq kms (3.3 sq miles) some 200 kms (124 miles) off the Suriname coast. Under the production-sharing contract, the two foreign partners will spend about US$35 million during the first three years to gather and study three-dimensional seismic data, as well as analyse other data already collected by Staatsolie. Suriname\'s state oil company has the option to participate in development and production with a stake of up to 20% if enough commercially exploitable oil is discovered. Subsequently the operator Tullow Oil farmed out 20% of the block to Noble Energy for a carry, with Tullow retaining a 30% operating interest. The remaining 50% interest is held by Statoil .
Operators:
Tullow Oil: Operator with 30% interest
Noble Energy: 20% interest
Statoil: 50% interest