Staatsolie was set up in 1980 to monitor the operations of Gulf Oil that had an agreement to execute petroleum operations offshore Suriname. In the year 2000, the strategic decision was taken to also develop the regulators role. The division Petroleum Contracts was set up to embody that role.
The Petroleum Regulator must optimize the value from petroleum operations for the Surinamese society through prudent resource management with utmost respect for the environment and the highest regard for safety.
By virtue of the Mining Decree (Official Gazette 1986, no 28) concession rights for petroleum activities are granted exclusively to state enterprises. According to the Petroleum Law (Official Gazette 1991, no 7), state enterprises with petroleum concession rights, are authorized to enter into petroleum agreements with other established petroleum companies.
Suriname's mining and hydrocarbon legislation and guidelines adhere to international standards and best practices. These ensure respect for rights and obligations. Also, our production sharing contract is of world-class.
The Petroleum Regulator acts on behalf of the State in assessing Suriname’s offshore and onshore hydrocarbon potential, attracting qualified international oil companies, negotiating petroleum contracts and monitoring the execution of such contracts.
As of 3 October 2019, there are 14 active production sharing contracts.
The Suriname-Guyana Basin is a sedimentary basin encompassing the coastal area of French Guiana, Suriname, Guyana and the eastern part of Venezuela (Antillean Arch). Most of the Guyana-Suriname Basin lies offshore, where the sediment package becomes thicker as the basin grows deeper. The outcrop of crystalline Proterozoic basement, the Guiana Shield, marks the southern limit.
Commercial production is for the time being only in the onshore Tambaredjo, Calcutta and Tambaredjo Northwest Fields in Suriname, with an original STOIIP of 1 Billion barrels. These fields are currently producing approximately 16,000 BOPD. Staatsolie has been, for the last 30 years, the sole operator of these fields.
Staatsolie Maatschappij Suriname N.V. and Columbus Energy Resources PLC, from England, signed the production sharing contract for the Weg naar Zee block on 3 October 2019.
Staatsolie Maatschappij Suriname N.V. and Decker Petroleum Marketing Co. LTD, from Trinidad, signed the production sharing contract for the Nickerie block on 24 May 2019.
Staatsolie and Cairn Energy signed a production sharing contract for offshore Block 61 on 26 June 2018.
Staatsolie and Tullow Suriname signed a production sharing contract for offshore Block 62.
Staatsolie and the UK-based company Cairn Energy are negotiating a production sharing contract (PSC) for a block in offshore Suriname.