As part of the Suriname Energy, Oil & Gas Summit (SEOGS 2025), Staatsolie Maatschappij Suriname N.V. on June 17 signed a major Production Sharing Contract (PSC) with PETRONAS Suriname E&P B.V. (PSEPBV) and Paradise Oil Company N.V. (POC) for exploration and production work in Block 66.
Malaysian energy giant PETRONAS, through its subsidiary PSEPBV, takes the operational lead in the deep offshore block with 80%. Staatsolie, through its wholly owned subsidiary POC, retains a 20% interest.
Strategically located block with proven potential
Block 66 covers an area of about 3,390 square kilometers in deep offshore, with water depths ranging from 1,000 to 2,200 meters. The block is adjacent to the promising Blocks 52, 53 and 58, where commercial oil and gas discoveries have already been made.
According to Staatsolie, PETRONAS will drill two exploration wells in "promising areas of the block" in the first phase of the exploration period, reinforcing its ambition to further unlock Suriname's offshore potential.
The PSC was signed by Staatsolie CEO Annand Jagesar, PETRONAS Suriname Country Head Zamri Baseri, and POC Director Rekha Bissumbhar. Also present at the ceremony was Mohd Redhani Abdul Rahman, Vice President International Assets Upstream at PETRONAS.
PETRONAS strengthens position in Suriname
With this agreement, Block 66 becomes the sixth offshore block in which PETRONAS operates. The company is already operator in Blocks 48, 52, 53, 63, and 64. PETRONAS also wholly owns Block 48, and has a 30% non-operating interest in Block 53, where the 2022 Baja-1 oil discovery was made.
Several wells have now been drilled in Block 52, including the Sloanea-1 gas discovery in 2020 and the Roystonea-1 well drilled in November 2024, which again encountered hydrocarbons. The Sloanea-2 appraisal well, drilled in early 2025, serves to further evaluate the field.
Rystad Energy estimates that Block 52 contains about 500 million barrels of oil equivalent (boe). PETRONAS, meanwhile, is considering an integrated development strategy with a floating LNG solution to maximize offshore gas efficiency.
Strategic importance to Suriname
The new agreement confirms the growing strategic relationship between Staatsolie and PETRONAS. Suriname is thus taking another step towards large-scale offshore development, in line with its national energy ambitions.
PETRONAS' expected 257-day drilling campaign starting in June 2025 underscores the Malaysian energy multinational's increased operational intensity in the region.
