International oil and gas companies have signed production sharing contracts (PSCs) with Staatsolie Maatschappij Suriname (Staatsolie) for three blocks offshore Suriname.

The PSCs were signed for blocks 63, 64 and 65, which were awarded as part of the bid round held between November 2022 and May 2023.

Malaysia’s Petronas has signed the PSC for block 63. It owns a 100% stake in the block and is the operator.

A consortium including TotalEnergies, QatarEnergy and Petronas signed the PSC for block 64.

With a 40% stake, TotalEnergies, a French oil and gas company, is the operator of the block.

Petronas and QatarEnergy each own a 30% stake in block 64.

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By GlobalData

TotalEnergies senior vice-president of exploration Kevin McLachlan said: “TotalEnergies is delighted to expand further its presence in offshore Suriname, together with two strategic partners.

“This new block fits well with our strategy to focus our exploration activity in exploring for material low-cost and low-emission resources in core areas for the company.”

Petronas vice-president of exploration Mohd Redhani Abdul Rahman said: “Securing these blocks is crucial to Petronas’ effort in unlocking Suriname’s vast resource potential in the basin.

“This underscores the aspiration to build our presence in the country and strengthen our international portfolio, especially in the Americas.”

QatarEnergy and Shell subsidiary BG International jointly bid for block 65, in which Shell is the operator with a 60% stake and QatarEnergy owns the remaining 40% stake.

Through the PSCs, the energy companies gain exploration, development and production rights.

Staatsolie, Suriname’s state-owned oil and gas company, said the exploration phase will span seven years and be divided into three phases.

The Demerara region, located in the central northern region of Surinamese territorial waters, includes blocks 63, 64, and 65.

The blocks are all situated in waters between 150m and 3,000m deep, 160–355km offshore.

Staatsolie said that it has the right to participate in all three blocks with a maximum 20% stake for the development period if an oil or gas discovery is certified commercial.