Suriname’s state oil company Staatsolie said on June 18 that Chevron Corp. and a consortium of France’s TotalEnergies SE and Qatar Petroleum submitted the most favorable bids to develop offshore oil blocks.
Staatsolie said it was now in the process of negotiating production-sharing contracts for Chevron for Block 5 and with the Total-Qatar Petroleum consortium for Blocks 6 and 8. Staatsolie in November invited companies to bid for exploration rights in eight offshore shallow water blocks.
Companies including Total and Malaysia’s Petronas have made hydrocarbon discoveries off the South American country’s coast, potentially transforming the struggling economy of the former Dutch colony of 575,000 people. Neighboring Guyana has emerged as the world’s newest energy hotspot after oil production began in late 2019.
But Suriname’s optimism about its oil potential has also complicated debt restructuring talks with bondholders, who argue that the country’s future oil revenues should be taken into account in determining the government’s ability to make payments.
Recommended Reading
The ABCs of ABS: Financing Technique Shows Flexibility and Promise
2024-07-29 - As the number of ABS deals has grown, so have investors’ confidence with the asset and the types of deals they are willing to underwrite.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Archrock Offers Common Stock to Help Pay for TOPS Transaction
2024-07-23 - Archrock, which agreed to buy Total Operations and Production Services (TOPS) in a cash-and-stock transaction, said it will offer 11 million shares of its common stock at $21 per share.
The ABCs of ABS: Financing Technique Shows Flexibility and Promise
2024-07-29 - As the number of ABS deals has grown, so have investors’ confidence with the asset and the types of deals they are willing to underwrite.
Cibolo Energy Closes Fund Aimed at Upstream, Midstream Growth
2024-09-10 - Cibolo Energy Management LLC closed its second fund, Cibolo Energy Partners II LP, meant to boost middle market upstream and midstream companies’ growth with development capital.