Chevron Signs Offshore Oil Output Sharing Contract with Suriname State Firm

Chevron, which agreed to pay a signing bonus of $30.88 million, is expected to cover the offshore block’s exploration costs in a first phase that will last six years, Suriname state oil company Staatsolie said.


Suriname state oil company Staatsolie on Oct. 13 said it had signed a 30-year production sharing contract with U.S. producer Chevron Corp. for the South American country’s offshore Block 5.

Chevron Exploration Suriname Ltd. and a consortium by TotalEnergies and Qatar Petroleum in June submitted favorable bids for shallow-water exploration in Blocks 5, 6 and 8 in an auction by Staatsolie following a string of oil discoveries.

The production sharing contract (PSC) gives exploration, development and production rights to Chevron Exploration Suriname. Staatsolie can opt for a 40% share of the project during its development phase.

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