TotalEnergies, QatarEnergy, and Petronas sign key contract for Suriname’s Block 64
TotalEnergies, in partnership with QatarEnergy and Petronas, has signed a production sharing contract for Block 64 with Staatsolie Maatschappij Suriname, the state-owned oil company of Suriname. This contract follows the successful bid in the 2022-2023 round organized by Surinamese authorities.
Strategic Partnership in Block 64
TotalEnergies will operate the block with a 40% interest, accompanied by QatarEnergy and Petronas, each holding a 30% stake. Block 64, spanning an expansive 6,262 km², is located approximately 250 km from shore, positioning it as a key area in Suriname’s offshore oil exploration activities.
Suriname’s Oil Prospects Boosted by TotalEnergies’ Block 64 Exploration Contract
TotalEnergies’ Expansion in Offshore Suriname
Kevin McLachlan, Senior Vice President of Exploration at TotalEnergies, expressed enthusiasm about the company’s increased presence in offshore Suriname. He emphasized that Block 64 aligns with TotalEnergies’ strategy to focus on material low-cost and low-emission resources in core areas, reflecting a commitment to sustainable and environmentally conscious exploration.
Ongoing Developments in Suriname’s Oil Sector
TotalEnergies is already a major player in Suriname’s oil sector, operating Block 58 (50%) with several significant discoveries made. The company is advancing development studies, aiming to sanction a 200,000 barrels per day oil project by the end of 2024. Additionally, in May 2023, TotalEnergies expanded its operations to exploration blocks 6 and 8, alongside QatarEnergy (20%) and Paradise Oil Company (POC), a subsidiary of Staatsolie (40%).