Page 11 - LatAmOil Week 17 2022
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LatAmOil                                        GUYANA                                             LatAmOil



                         Georgetown must also take a final decision on   auction on the basis of data that was collected via
                         the question of whether to preclude current   its own 3D seismic surveys, rather than studies
                         block holders such as ExxonMobil from submit-  carried out by potential investors.
                         ting bids during future auctions, he said.  Jagdeo declined to say whether George-
                           Currently, the Guyanese government is   town favoured one model over the other. When
                         considering the possibility of adopting the auc-  pressed on the matter, he stated simply that the
                         tion practices used by a neighbouring country   government would come to a decision before
                         – Suriname, which decided which blocks to   the September deadline. ™



                                                      SURINAME
       Staatsolie, Chevron sign PSC for Block 7






                         STAATSOLIE, the national oil company (NOC)   Staatsolie to play an active role in the block part-
                         of Suriname, has struck a deal that will allow the   nership from day one,” as it splits equity in the
                         US major Chevron to add Block 7 to its portfolio   project 80% to the US major and 20% to POC,
                         of offshore assets.                  the statement noted.
                           In a statement dated April 27, Staatsolie   It also reported that Chevron had agreed to
                         reported that it had signed a production-shar-  carry 100% of exploration costs during the first
                         ing contract (PSC) with Chevron for Block 7, a   phase of the project. Exploration work will be
                         shallow-water licence area that lies directly to   carried out in three phases over a period of eight
                         the east of Block 5. The US company is already   years, it said.
                         working at Block 5 under a PSC signed with   Staatsolie did not reveal any details about the
                         Staatsolie in October 2021, it explained.  partners’ exploration programme at Block 7.
                           Block 7, which covers an area of 1,867 square   But it did note that Chevron would be obligated
                         km, is one of the eight licence areas that Staat-  under the terms of the PSC to meet local-con-
                         solie offered to investors in its Shallow Offshore   tent requirements.
                         (SHO) bidding round, which began in late 2020.   The US major “should give preference to
                         The PSC for the block was signed by Staatsolie’s   materials, services and products offered by
                         CEO Annand Jagesar, Chevron’s Suriname   Surinamese companies,” it explained. “The con-
                         country manager Channa Kurukulasuriya and   dition is that they meet the quality, price and
                         Rekha Bissumbhar, the director of Staatsolie’s   other commercial requirements. In this way,
                         subsidiary Paradise Oil Co. (POC). Suriname’s   local participation within the offshore oil indus-
                         Natural Resources Minister David Abiamofo   try is stimulated.”
                         witnessed the signing.                 Chevron is the operator of both Block 7 and
                           The terms of the new PSC are outlined in   Block 5. It originally held a stake of 60% in Block
                         the joint operating agreement (JOA) signed   5, with Staatsolie taking the remaining 40%. Last
                         between Chevron and POC, Staatsolie said.   December, it transferred a 20% stake in the pro-
                         The JOA contains a provision that will “enable   ject to Shell (UK) under a farm-in deal. ™




























                                    Blocks 5 and 7 were part of Staatsolie’s Shallow Offshore (SHO) bidding round (Image: Staatsolie)



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