Offshore oil exploration: Apache signs offshore deal with Suriname

Suriname's state oil company Staatsolie has signed a production sharing agreement with US independent Apache to explore and possibly produce crude from an oil block offshore of the South American country.

 

According to Reuters, Apache will invest $230 million under the 30-year deal to explore Block 53, which lies about 130 kilometres north-west of Suriname’s capital, Paramaribo. The investment will include carrying out 3D seismic research and drilling at least two wells.

Apache would cover the exploration costs, and would be reimbursed if the production of commercial reserves begins, Staatsolie said in a statement.

Staatsolie could take up to a 20% stake in the development stage of the project.
Founded in 1982, the Surinamese company produces about 16,000 barrels of oil per day.

Suriname a former Dutch colony became an independent Republic in 1975

Suriname: Apache signs offshore deal with Suriname - Upstreamonline.com

Russia: Rosneft Picks Italy’s Eni For $120 Bln Offshore Projects

Russian oil giant Rosneft and Italy’s Eni will invest $70 billion in developing Barents Sea offshore deposits and $55 billion in Black Sea offshore production under a strategic partnership agreement signed by the companies on Wednesday.

"The two firms will invest $50-70 billion for full development in the Barents Sea and about $50-55 billion in the Black Sea,” according to preliminary forecasts, Rosneft President Eduard Khudainatov said.

The deal was signed by Khudainatov and Eni Board Chairman Paolo Scaroni in the presence of Russian Prime Minister and President-elect Vladimir Putin.

For more: Rosneft Picks Italy’s Eni For $120 Bln Offshore Projects | Business | RIA Novosti