A&D marketing for the oil and gas industry

Suriname

Suriname

Offshore / Exploration

Envoi has been commissioned by Staatsolie, the national oil company of Suriname, to support in the marketing and promotion of their Shallow Offshore Bid Round (SHO2) which officially opened on 7th November 2023.

The Bid Round comprises 11 Blocks covering a combined area of 34,520 km2 of acreage which includes much of Suriname’s shallow offshore area, the majority of which are located in water depths generally less than 150 metres. Comprehensive new regional G&G studies have been carried out by Staatsolie over the last 24+ months, including most recently, a detailed petroleum systems modelling study of the whole offshore area following a comprehensive geochemical analysis project of all hydrocarbon occurrences within the basin. These studies have positively advanced the understanding of the offshore source and charge potential and confirmed the Aptian as a mature source capable of charging the Shallow Offshore acreage in addition to the proven ACT+C (Albian, Cenomanian, Turonian & Coniacian) kitchen mature in the deep offshore, which is the primary source for the prolific Golden Lane play trend in the Suriname – Guyana Basin.

Exciting new prospectivity is also being unlocked by the new multi-client 3D seismic now available to lease from the consortium (BGP, CGG & TGS) which acquired data over an area covering the western parts of the open SHO2 acreage to the east and south of the previously licenced shallow offshore blocks.

Staatsolie is inviting companies to bid for one or more of the SHO2 blocks based on a range of minimum and additional biddable work programme commitments during an initial 3 year Exploration Phase. This involves either the lease or acquisition of 3D seismic data in blocks that are currently only partly covered by 3D, or only contain 2D seismic. This would be followed by a ‘drill-or-drop’ decision to progress to the next Exploration Phase. One block is being offered on fully biddable terms due the very limited existing data within it. Conversely, the blocks covered by the new multi-client 3D seismic will require leasing directly from the seismic consortium and a well commitments in the 1st Exploration Phase.

All the SHO2 blocks are being offered with modest ‘minimum work programme commitments’ and the opportunity to add ‘biddable work programme elements’ for the initial 3 year, phase 1 exploration terms.

Together with the favourable fiscal terms that have been specifically tailored to the known prospectivity and technical risks in each area, the SHO2 terms have been designed to be competitive and ensure that even modest sized discoveries can be commercialised.

Staatsolie has allowed an initial 5 week period for interested parties to register before the data rooms open in mid-December 2023. These will remain open until the end of April 2024 when they will then be closed to new registrations. This ensures a total of 6 months is available for those engaging early, and submitting their registration before mid-December, and before final bids are due on 31st May 2024.