PARAMARIBO, Suriname – Chevron has signed a 30-year production-sharing contract (PSC) with Staatsolie for block 5 offshore Suriname.
The award follows the Suriname Shallow Offshore Bid Round 2020/2021, which invited bids for blocks up to 120 km (75 mi) from the coast in a water depth of up to 100 m (328 ft).
While Chevron will operate block 5 in the west of this area, Staatsolie will for the first time participate as a partner in offshore activities, with a 40% interest.
This will give the state-owned entity more influence in decisions and will also lead to it co-financing any potential development and production phases: Chevron will carry all costs during the six-year exploration phase.
Under the PSC terms, Chevron must give preference where possible to materials, services and products offered by Surinamese companies.
Block 5 covers an area of 2,235 sq km (863 sq mi).
