Cooperation Statoil & Tullow Oil In Suriname
Statoil has acquired a 30% participating interest in block 47 offshore Suriname from Tullow Oil. Tullow will retain the operatorship and 70% working interest. “This cooperation is about executing on Statoil’s exploration strategy of securing early access opportunities with emerging potential. This frontier opportunity constitutes an important part of our growing international portfolio”, says Pål Haremo, who is senior vice president in Exploration Global New Ventures in Statoil.
The agreement is subject to approval from Staatsolie Maatschappij Suriname, the state oil company of Suriname. Block 47 lies in a frontier area in the Guyana Basin. The licence is located some 270 km north of mainland Suriname, with a water depth of between 1,300 and 3,000 m.
Next Step
A recent discovery offshore nearby French Guyana is a promising indication of the potential in the region. The next step is to acquire and interpret seismic data in order to mature the acreage further. Tullow Oil is one of the largest independent oil and gas exploration and production companies in Europe and was founded in Ireland in 1985. The company focuses on Africa, Europe, South Asia and South America as exploration and production regions. The farm-in to block 47 in Suriname marks Statoil’s first entry into the country. Statoil holds assets in neighbouring Brazil as well as in Venezuela.