Petronas Signs Production Sharing Contract For Suriname's Block 66

KUALA LUMPUR, June 18 (Bernama) -- Petroliam Nasional Bhd’s (Petronas) subsidiary, Petronas Suriname E&P BV has inked a production sharing contract (PSC) with Staatsolie Maatschappij Suriname NV and its wholly-owned subsidiary, Paradise Oil Company NV (POC) for Block 66 offshore Suriname.

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.

The signing ceremony took place during the Suriname Energy Oil and Gas Summit and Exhibition, with Petronas represented by its International Assets (Upstream) vice-president Mohd Redhani Abdul Rahman, while Staatsolie Maatschappij Suriname was represented by managing director, Annand Jagesar and POC by its director, Rekha Bissumbhar.

The deepwater exploration, spanning approximately 3,390 square kilometres, is adjacent to Block 52, where Petronas continues to explore and unlock the hydrocarbon potential of the area, the national oil company said in a statement.

Under the PSC, Petronas holds the operatorship with an 80 per cent participating interest, while POC holds the remaining 20 per cent.

Mohd Redhani said the company is looking forward to the partnership with Staatsolie to unlock new energy opportunities.

"This acquisition marks a pivotal step in Petronas’ expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with its strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation," he added.

Meanwhile, Petronas said the agreement reflects its commitment to responsible energy development, with built-in provisions supporting domestic workforce participation and social investment sustainably, ensuring alignment with Suriname’s national development goals.

"This latest addition brings Petronas' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date," it said.

-- BERNAMA