LatAmOil: Suriname draws multiple bids in shallow water auction round

Suriname’s shallow water bidding round has closed, with national oil company (NOC) Staatsolie confirming that several bids were received. While the bidders and the specific blocks remain undisclosed, it confirmed that the awards originally expected to be announced on June 28.

Eleven blocks were up for auction, located strategically between onshore-producing oilfields and deepwater discoveries, in water depths up to 150m. According to Staatsolie’s Hydrocarbon Institute (SHI), recent mapping of these blocks identified over 98 leads and prospects, interpreted from existing 2D and newly acquired multiclient 3D seismic data.

Staatsolie retains a carried equity interest ranging from 10% to 30% during the exploration phase and holds the right to participate as an equity partner in the event of a commercial discovery throughout the development and production phases.

This bid round marks a significant step in Suriname's growing prominence in the global oil market, promising a bright future for the country’s energy sector.