Maersk gets foot into Suriname

Suriname’s state oil company Staatsolie has signed an agreement with Denmark-based Maersk Oil for seismic exploration off the South American country’s shores.

Next week, Maersk will begin exploring an area called Block 31, 18 miles off the coast, said Eddie Jharap, Staatsolie’s general manager.

It has a total surface area of 5,328 square miles, Jharap said. Maersk will pay for the $3.4m (€2.6m) project that will last through February, Jharap said.

Staatsolie has a stake of up to 55% if Maersk makes a commercial find, according to the sharing agreement.

The exploration agreement is similar to one Staatsolie signed with Spain-based Repsol YPF in April.

Staatsolie, owned entirely by the Suriname government, refined 90% of its crude oil into diesel and industrial fuels last year. It produced 4.3 million barrels in 2003 compared to 4.5 million in 2002.