b'OffshoreUpstream Offshore is a new directorate established in January 2019 to manage Staatsolies participation in offshore oil and gas projects. Now that thefirstsignificantoffshorediscoverieshavebeenmade,wearetakingthe necessary steps to participate in the opportunities ahead, building our technical capabilities and maximizing the long-term value from Surinames shallow and deep offshore resources.In 2020, Staatsolies Shallow Offshore team FOCUS ONcompleted a comprehensive evaluation of THE FUTURE: the extensive Shallow Offshore Study Area, comprising about 35,000 square kilometers.Appraising Deepwater The study shows that Surinames shallow and Managing Shallow offshore waters offer exciting acreage in the Offshore Opportunities west of the shallow offshore area, south of the recent deepwater discoveries made in Block With over US$ 1 billion being invested in58 and northwest of Staatsolies onshore Surinames Deepwater Offshore, Staatsoliesproducingfields.Appraisal Team will be focused in 2021 onWorking with joint venture partners, Staatsolie new data arriving not only from two appraisalaspires to be an operator in this area, wells, but also two exploration wells in Blocktransferring the skills we have honed in our 58. Evaluation of the discovery in Block 52 willonshore operations, once shallow offshore also be key, along with tracking Tullow Oil anddiscoveries are made. partners exploration well in Block 57.While the major deep offshore discoveries enterIn 2020/2021, we are conducting the Suriname the Appraisal phase, Staatsolie is preparing toShallow Offshore Bid Round to identify viable pursue the hydrocarbon potential of our shallowjoint venture partners in eight blocks of the offshore waters. Shallow Offshore Area. We anticipate closing our bid round before year-end 2021 2020 KEY FOCUS: 2021 KEY FOCUS:Capacity building; Deepwater Appraisal; ShallowIdentifying new joint venture partners for the Shallow Offshore licensing. Offshore Area; Deepwater Exploration and Appraisal.20'