Staatsolie and Malaysia’s Petronas have signed a Production Sharing Contract for the latter to drill at least one exploration well and conducting 3D seismic survey work on deepwater Block 52 offshore South America’s Suriname. The agreement represents an initial investment of around US $25m, with Petronas’ costs to be reimbursed if a commercial discovery is developed. Staatsolie would also have an option to acquire a 20% stake.
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