APA and partners CEPSA and Petronas preserve area of ​​Baja-1 oil discovery in Block 53

APA Suriname Corporation LDC (APA) and its partners CEPSA and Petronas have returned part of Block 53 in the Surinamese offshore area to Staatsolie Maatschappij Suriname N.V. The option to return a block or part of it is possible through the production sharing agreements that Staatsolie has with various international oil and gas companies.

In the production sharing contract that Staatsolie (on behalf of the State of Suriname) concluded with APA for Block 53 in October 2012, it was agreed that a minimum number of activities will be carried out during the exploration period. The exploration period expired on December 31, 2023. APA and its partners CEPSA and Petronas have decided not to exercise the option to extend a work program that would involve drilling at least one exploration well. As a result, the contract is limited to the Baja-1 area from January 1, 2024. The Block 53 partners will further explore the Baja-1 oil discovery. Staatsolie will bring the vacated part of Block 53 back under contract later this year. There is sufficient interest in this from international oil and gas companies.

Between 2015 and 2021, a total of four exploration wells were drilled in Block 53, with oil found only with Baja-1. In November 2013, Spanish oil company CEPSA entered into an agreement with APA, acquiring a 25 percent stake in Block 53. Petronas entered into a partnership in April 2014 for a 30 percent stake in the block.

An overview of the blocks in the offshore with an enlargement of Block 53 (click for a larger view).