Offshore oil exploration: Apache signs offshore deal with Suriname

Suriname's state oil company Staatsolie has signed a production sharing agreement with US independent Apache to explore and possibly produce crude from an oil block offshore of the South American country.

 

According to Reuters, Apache will invest $230 million under the 30-year deal to explore Block 53, which lies about 130 kilometres north-west of Suriname’s capital, Paramaribo. The investment will include carrying out 3D seismic research and drilling at least two wells.

Apache would cover the exploration costs, and would be reimbursed if the production of commercial reserves begins, Staatsolie said in a statement.

Staatsolie could take up to a 20% stake in the development stage of the project.
Founded in 1982, the Surinamese company produces about 16,000 barrels of oil per day.

Suriname a former Dutch colony became an independent Republic in 1975

Suriname: Apache signs offshore deal with Suriname - Upstreamonline.com