Staatsolie Maatschappij Suriname N.V., an integrated oil company, engages in the exploration, drilling, production, refining, marketing, sale, and transportation of crude and refined products. The company’s crude oil is used as a feedstock in refineries. Its refined products include diesel that is used by a power generating company, river barges, and international sea-going vessels, as well as farmers, gold miners, and transportation companies in their engines, generators, and equipment; various grades of low-sulfur and low-vanadium fuel oils that are used in engines, boilers, and other industrial applications; and bitumen for use in paving projects, including roads, airports, bridges, parki...
Dr.Ir. Adhinstraat 21
Founded in 1980
Staatsolie and Apache Corporation Sign PSC for Offshore Block 58
Jun 24 15
Staatsolie Maatschappij Suriname NV and American Apache Corporation have signed a production sharing contract for exploration, development and production of offshore Block 58. The agreement, with a 30 years validity, is divided in an exploration, a development and a production phase. Parties have agreed to a minimum working program for the exploration period during which geological surveys, seismic data gathering and exploration drilling are scheduled. All costs during the exploration phase will be covered by Apache and must only be redeemed by Staatsolie in case Apache makes a commercially recoverable find and commences production. The contract offers Staatsolie a maximum stake of 20% for participation in the development and production phase. Block 58 is located approximately 200 kilometers north west off the coast of Paramaribo, in water depths of 55 to 2,250 meters. Staatsolie has 2,245 kilometers of 2D seismic data available of the 5,830 sq. kilometers block. Block 58 was offered during the 2014/2015 international bidding round. The contract specifically addresses the issues of inspection, safety and environment. It also specifies about employment for locals, training courses, social programs and dismantling when the operations are concluded.