LatAmOil: Norway's Argeo secures data services agreement with Suriname's Staatsolie for offshore projects

Norwegian subsea services provider Argeo has signed an eight-year agreement with Staatsolie, Suriname's national oil company (NOC), for the provision of multiclient data services in Suriname's offshore waters. The agreement marks a further step in the country's hydrocarbon exploration efforts.

The contract will be structured in multiple phases that are expected to deliver integrated data, including geophysical, geochemical and geotechnical. The initial phase is focused on geophysical data acquisition using autonomous underwater vehicle (AUV) and uncrewed surface vehicle (USV) technology in strategic locations.

"This agreement will create value for clients throughout the oil and gas project lifecycle, from exploration through field development and production," Argeo's management stated.
The company's vessel, Argeo Searcher, has already begun operations at the site, with the first phase expected to span 60-70 days. Following this, a USV programme scheduled for early 2025 will extend operations for an additional 120-150 days. The vessel being used under the agreement has undergone modifications to accommodate new geochemical and geotechnical capabilities.

The partnership establishes Argeo Multiclient as the repository for the company's global multiclient library, with both Staatsolie and Argeo collaborating on project marketing and development. The agreement also grants Argeo licensing rights for direct proprietary contract services in Suriname, with the possibility of extension beyond the initial eight-year term.
This development comes amid growing interest in the Suriname-Guyana Basin, where Westwood estimates discovered resources at 7.135bn barrels of oil equivalent (boe) of oil and 1.015bn boe of gas. The agreement follows Staatsolie's recent memorandum of understanding (MoU) with Brazil's Petrobras, signed in September, which aims to explore co-operation in areas including hydrocarbon exploration, carbon capture and storage (CCS) and renewable energy initiatives.

Argeo’s entry into Surinamese oil and gas comes at an opportune time, with the local industry expected to boom. The Block 58 project offshore Suriname is expected to yield roughly 700mn barrels of recoverable resources from the Sapakara South and Krabdagu fields, with well drilling set to begin in 2026.

Recognising the major oil and gas projects set to propel Suriname’s oil and gas industry, Moody's Ratings has upgraded Suriname's credit rating. Argeo hopes that its deal with the Staatsolie will provide the Norwegian firm with an opportunity to capitalise on an emerging global oil and gas player that has earned the confidence of leading rating agencies and major oil and gas companies.

If you’d like to read more about the key events shaping Latin America’s oil and gas sector then please click here for NewsBase’s Latin America Oil and Gas Monitor.