Petronas, through its wholly-owned subsidiary Petronas Suriname E&P, has signed a Production Sharing Contract (PSC) for Block 66, located in the deepwater region offshore Suriname.
The agreement was signed with Staatsolie Maatschappij Suriname and Paradise Oil Company (POC), a wholly-owned subsidiary of Staatsolie.
Under the PSC, Petronas holds the operatorship with 80% participating interest, while POC holds the remaining 20%.
Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where Petronas has recorded a series of exploration and appraisal successes.
Petronas said it was ‘optimistic’ that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area.
The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas’ existing operations in Suriname.
“This acquisition marks a pivotal step in Petronas’ expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. With its prime location and significant resource potential, Block 66 complements Petronas’ existing deepwater portfolio,” said Mohd Redhani, Petronas’ Vice President of International Assets of Upstream.
The latest addition brings Petronas' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date.