Staatsolie and Cairn Energy Negotiating Production Sharing Contract

Staatsolie and the UK-based company Cairn Energy are negotiating a production sharing contract (PSC) for a block in offshore Suriname. Cairn was one of the companies that showed interest during the period in which interested parties had the opportunity to make a bid for a block in Suriname’s open offshore acreage.

The block is approximately 13,000 square kilometers and is located on the Demerara plateau. If the negotiations go well, the contract can be signed in the second quarter of this year. Cairn intends to perform 2D (two-dimensional) seismic in the block immediately after signing. Exploration wells will be drilled at a later stage.

Cairn Energy, founded in 1980, is based in Scotland. The company focuses on oil and gas exploration and production. Cairn has operations in the United Kingdom, Norway, Senegal, Mexico and the Irish Republic.