RWE Dea AG and Petronas Suriname E&P BV have signed an agreement that will give RWE a 40 percent stake in Block 52 off the coast of Suriname. This agreement allows RWE to secure entry into the South American country that holds .08 billion barrels of proved reserves, according to U.S. Energy Information Administration.
License 52, spanning an area of 1.1 million acres, is located in the Guyana-Suriname Basin, about 75 miles off the northeast coast of South America in water depths ranging from 328 to 3,281 feet.
“Taking up a share in this license provides early access to a promising geological basin, and further strengthens our position in one of our core regions,” said Thomas Rappuhn, chief executive officer of RWE Dea AG, in a release. “The Equatorial region of South America is of strategic importance for RWE Dea, and we are looking forward to the exploration campaign as this acreage provides the opportunity for the discovery of large scale deposits,” explained Rappuhn.
The consortium’s planned work program for the block consists of conducting a 3D seismic survey and drilling one exploration well in the next three years.
Malaysian-based Petronas operates the block with a 60 percent stake, which is considered to have high-impact potential in Upper Cretaceous strata, the press release said. Petronas is expected to invest $25 million in Block 52 but RWE Dea did not give details about its financial level of involvement.
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