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Chevron (NYSE:CVX) and Suriname state oil firm Staatsolie signed a production sharing contract for exploring and producing oil at the offshore Block 7, Reuters reported on Wednesday.
The new contract leaves Chevron as the operator with an 80% stake in the project for exploration, development and production, and Staatsolie with the remaining 20%, the companies said.
The contract also says Chevron must give preference to materials, services and products offered by Suriname companies.
Following an auction by Staatsolie in 2021, the state firm is expanding partnerships to ramp up exploration in the promising shallow water basin, located near oil producers Brazil and Guyana.
Exxon Mobil this week announced three new discoveries offshore Guyana and raised its estimate of recoverable resources for the Stabroek Block to nearly 11B boe.
