LONDON -- Tullow Oil has signed a Heads of Agreement with Staatsolie concerning block 47, a 2,369 sq km (915 sq mi) deepwater exploration license offshore Suriname.
The signing will allow the two parties to finalize a production sharing contract for the block. Tullow plans to acquire seismic data during 2011 and anticipates drilling wells, as part of its near-term exploration program in the Equatorial Atlantic region of South America. It also has exploration interests offshore Guyana and French Guiana.
Tullow will operate the license with a 100% interest during the exploration phase. Staatsolie has the option to participate during the development and production phases with a 20% interest.