Suriname has taken a significant step forward in its oil and gas sector by signing production-sharing contracts with global energy giants Chevron, QatarEnergy, and Petronas. The agreements, finalized on Wednesday, focus on oil blocks 9 and 10, which are expected to yield substantial benefits for the country and its state-owned oil company, Staatsolie. Unlike the Granmorgu area in Block 58, which holds vast deep-water reserves but requires high development costs, Blocks 9 and 10 are located closer to the coast in shallow waters of just 50 meters, significantly reducing expenses. Staatsolie’s CEO, Annand Jagesar, emphasized that Suriname will not bear any production costs but will earn revenue once oil production begins. The blocks are estimated to contain around 300 million barrels of oil, making them a profitable venture despite their smaller scale compared to Granmorgu’s 750 million barrels. The contracts stipulate that Suriname will benefit from tax revenues, profit oil, royalties, and income generated through Staatsolie’s subsidiary, Paradise Oil, which holds a 30% stake in Block 9 and 10% in Block 10. Additionally, the deals are expected to boost local employment and expertise. The partners are required to study existing geological data within the first three years and proceed with drilling in the second phase. Failure to meet these obligations will result in contract termination.