The development stages:Awaiting construction decision/2017-06.The offshore block 59 covers an area of 9,801 square kilometers and is located approximately 50km off the Suriname coast. The block lies in water depths of 25–50m and is part of the 2015 Suriname bid round for exploration and development licenses promoted by local state oil company Staatsolie. During the first 36-month phase, the contract requires participants to acquire a minimum of 3,000 square kilometers of 2D seismic or 1,000 square kilometers 3D, while second and third phases will require the drilling of one exploration well each in 24 months. The contract will last seven years for exploratory activities. At the end of each phase, the contractor will have the opportunity to withdraw from the contract area without further commitments. During the first call ended January 2015, Staatsolie reported that no offers were submitted for the block.