Teikoku Oil Co., Ltd. has acquired, through their new subsidiary Teikoku Oil (Suriname) Co., Ltd., a 35% participating interest in Block 31 in the Republic of Suriname.
Teikoku Suriname and Maersk Oil Suriname BV (“Maersk Oil”), a wholly owned subsidiary of Maersk Oil and Gas AS, headquartered in Copenhagen, obtained the official approval from the Suriname authorities for assignment of interest in the block.
The Guyana Basin, in which Block 31 is located, is recognized as having all of the essential elements of the major hydrocarbon basins in the world and has significant potential for reserves. Two commercial oil fields have been producing in the onshore area of the basin, the oldest of which since 1982.
The block covers an area of about 13,860 km2 in water depths ranging from 20 to 130 meters. The work commitment for phase 1 of the exploration period has already been fulfilled by Maersk Oil. A three year Phase 2 of the exploration period, carrying a drilling commitment, will follow from May 2008.
In Latin America, Teikoku Oil are engaged in oil and gas activities in Venezuela, Mexico and Brazil. The company expect this new deal in the Suriname may lead to further opportunities to expand their business in the Latin America region.
Teikoku Suriname and Maersk Oil Suriname BV (“Maersk Oil”), a wholly owned subsidiary of Maersk Oil and Gas AS, headquartered in Copenhagen, obtained the official approval from the Suriname authorities for assignment of interest in the block.
The Guyana Basin, in which Block 31 is located, is recognized as having all of the essential elements of the major hydrocarbon basins in the world and has significant potential for reserves. Two commercial oil fields have been producing in the onshore area of the basin, the oldest of which since 1982.
The block covers an area of about 13,860 km2 in water depths ranging from 20 to 130 meters. The work commitment for phase 1 of the exploration period has already been fulfilled by Maersk Oil. A three year Phase 2 of the exploration period, carrying a drilling commitment, will follow from May 2008.
In Latin America, Teikoku Oil are engaged in oil and gas activities in Venezuela, Mexico and Brazil. The company expect this new deal in the Suriname may lead to further opportunities to expand their business in the Latin America region.