Paramaribo: Petroliam Nasional Bhd’s (Petronas) subsidiary, Petronas Suriname E and P BV, has signed a production sharing contract (PSC) with Staatsolie Maatschappij Suriname NV and its wholly-owned subsidiary, Paradise Oil Company NV (POC) for the exploration of Block 66 offshore Suriname.

According to BERNAMA News Agency, the contract includes a firm commitment to drill two exploration wells. These wells target prospects that are strategically positioned to unlock synergies with Petronas’ existing operations in Suriname and have significant resource potential. The signing ceremony was held during the Suriname Energy Oil and Gas Summit and Exhibition. Petronas’ International Assets (Upstream) vice-president Mohd Redhani Abdul Rahman represented the company, while Staatsolie Maatschappij Suriname was represented by managing director Annand Jagesar and POC by director Rekha Bissumbhar.

The exploration area covers approximately 3,390 square kilometers and is adjacent to Block 52, where Petronas is already engaged in unlocking hydrocarbon potential. Under the terms of the PSC, Petronas holds an 80% participating interest and operatorship, with POC holding the remaining 20%.

Mohd Redhani expressed enthusiasm for the partnership with Staatsolie to unlock new energy opportunities. He noted that this acquisition marks a significant step in Petronas’ expansion into the Suriname-Guyana hydrocarbon basin, aligning with its strategy of acquiring high-value assets and fostering global partnerships.

Petronas stated that the agreement reflects its commitment to responsible energy development, emphasizing provisions for domestic workforce participation and social investment to align with Suriname’s national development goals. This addition brings Petronas’ offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date.