Norwegian-British venture to seek oil off Suriname. Surinames - TopicsExpress

Norwegian-British venture to seek oil off Suriname. Surinames state oil company agreed Thursday to a production sharing contract with a consortium including Norways StatOil and Britains Tullow Oil to explore an area off the coast of Suriname. Under the contract, the consortium will invest $35 million in a block on the Demerara plateau, 125 miles (200 kilometers) offshore. The contract, divided into exploration, development and production phases, is valid for 30 years. The consortium will take at least four years for phase one -- exploration -- and will drill at least one exploratory well and conduct a 3D seismic survey, said Dwarkasing. The United States Geologic Survey (USGS) estimates possible reserves in the Suriname-Guyana basin at 15 billion barrels.

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