Repsol YPF has signed a 30-year production-sharing contract with Staatsolie for Surinamese offshore block 30. The 18,600 sq km acreage, 100 km north of the mainland, is in the same Guyana-Suriname basin from which oil is currently produced at the onshore Calcutta and Tamabaredjo fields near Paramaribo. The PSC includes a six-year exploration period: Repsol YPF expects to acquire 1,800 km of 2D seismic this fall.
Signing of the contract followed a two-year technical study of the region, based on existing seismic and geological data supplied by Staatsolie. This revealed potential for significant hydrocarbon accumulations, especially in block 30's deepwater section. Repsol YPF also operates blocks nearby in Cuba, Trinidad and Tobago, and Venezuela.