In January 2014 Statoil signed a Production Sharing Contract (PSC) with Tullow Oil plc (Tullow) through its subsidiary, Tullow Suriname B.V. and Staatsolie Maatschappij Suriname N.V. (Staatsolie).

Tullow is the operator of the Block with a 50 % participation interest. Statoil has the remaining 50 % interest. The Block 54 contract area is 8,824 square kilometres and lies approximately 200 kilometres offshore in the Suriname-Guyana Basin.

The initial work programme on the Block will include the evaluation of existing data and the acquisition and interpretation of at least 4,000 sq kms of 3D seismic data.

Tullow Oil and Statoil bid in the International Competitive Bid Round, the country’s fifth exploration and development licencing round, in 2013.