Suriname confirms commitment to Fiscal Stability Clauses in PSC’s with IOC’s
May 7, 2018
SURINAME VALUE ADDED TAX LAW PUBLISHED.
June 30, 2023
30bn BOE Waiting To Be Discovered
That was by far the most striking news at the2022 edition of the Suriname Energy andOil & Gas Summit (SEOGS 2022) and it was shared by Glenn Corrie, VP Offshore Directorate of Staatsolie, the NOC of Suriname. In a well animated presentation Corrie took his audience through the results of the hard work undertaken by his Technical Team of dedicated professionals in mastering the Suriname-side of the Suriname–Guyana Basin.
He finally arrived at the conclusion that there is a massive world class petroleum system offshore Suriname, with a significant upside of >30 billion Barrels of Oil Equivalent (BOE) and all elements in place to unlock further success. Corrie indicated that his team has gathered extensive basin-wide data, obtained from previously undertaken and current 2D and 3D seismic surveys, substantial studies and the 55 exploration wells drilled offshore to date.
Unlocking the potential of these assets would be transformational for Staatsolie and the people of Suriname. Staatsolie has already scheduled two windows to showcase their newly found potential: the Deepwater Demerara Bid Round 2022, scheduled for later this year, and next year’s Shallow Offshore Bid Round 2023. Corrie therefore urged companies to seize the opportunity in view of the attractive current market conditions and the supportive position towards investors expressed by the government of Suriname.
The latter seems perfectly in line with remarks made by President Chandrikapersad Santokhi in his welcome address to SEOGS delegates. The President reaffirmed that his government is ready to partner with foreign O&G companies and is inviting them to cooperate with Staatsolie in further exploration and exploitation activities, as well as in related spin off businesses.
Remarkable in this regard (with possibly a nod to his friends in neighboring Guyana) was the President’s appeal to “Caribbean sisters and brothers”, to come and benefit from the Suriname resources. “All you have to do, is to register your business at our Chamber of Commerce and to partner with a Surinamese company. SURINAME IS OPEN FOR BUSINESS!”
