Staatsolie Maatschappij Suriname NV and Apache Corp. have signed a production-sharing contract (PSC) for exploration, development and production for Block 58 offshore Suriname, Staatsolie said in a news release.

The 30-year agreement is divided into an exploration, a development and a production phase. The minimum working program for the exploration period includes geological surveys, seismic data gathering and exploration drilling, the release said. All costs during the exploration phase will be covered by Apache and must only be redeemed by Staatsolie in case Apache makes a commercially recoverable find and commences production.

According to the contract, Staatsolie will take a maximum stake of 20% for participation in the development and production phase.

Block 58 is located about 200 km northwest of the Paramaribo coastline in water depths of 55 m to 2,250 m, the release said.