Texan oil and natural gas corporation Apache has signed on to explore and maybe produce crude from an offshore block off Suriname’s coast. Under the 30-year deal with Suriname’s state oil company Staatsolie, Apache will invest US$230 million in the exploration of Block 53, which lies about 130 kilometers northwest of Paramaribo. The investment includes carrying out 3D seismic research and drilling at least two wells.
Apache will cover the exploration costs, and will be reimbursed if the production of commercial reserves begins, Staatsolie said in a statement last Thursday. Staatsolie can take a stake of up to 20 percent in the development stage of the project.
Global energy companies have shown a growing interest in the potential of South America’s northeastern shoulder. A 2011 discovery off the coast of French Guiana was described as “game changer” for the region’s oil prospects. One of 22 energy companies that took part in a bidding round that ended this past June, Apache is the fifth international investor that signs on to explore the oil fields off Suriname. Earlier this year, Chevron announced a deal with oil and gas company Kosmos Energy that gave it a 50 percent working interest in two blocks off the coast.
Staatsolie, founded in 1982, produces about 16,000 barrels of oil a day. Houston headquartered Apache (1954), has regional offices and operations in the United States, Argentina, Australia, Canada, Egypt and UK North Sea. The company posted its 2011 revenue at US$ 16.81 billion.
Source : http://www.devsur.com