Suriname's state-owned oil company Staatsolie said on Monday it has signed production sharing contracts for two offshore blocks with France's TotalEnergies and Qatar's QatarEnergy.
Under the joint operating agreements signed with TotalEnergies and QatarEnergy for blocks 6 and 8, "Staatsolie gives exploration, development and production rights" to those companies, the Surinamese firm said in a statement.
Staatsolie will have 40% participation through its subsidiary Paradise Oil Company, it added, while costs in the exploration phase will be borne by TotalEnergies and QatarEnergy.
Exploration will last six years, the statement added, with a first well to be drilled in year three or four. The blocks are located in Suriname's western shallow offshore area.
Following a shallow water bidding round in 2021, Staatsolie has been negotiating and signing production sharing contracts with the auction's winners.
A similar contract was previously signed with Chevron Corp and Shell for two blocks, allowing oil exploration activities to begin.
(Reuters - Reporting by Ank Kuipers and Marianna Parraga, Writing by Julia Symmes Cobb; Editing by Sandra Maler)