Petrotrin, Suriname oil sign MOU

In a media release, Petrotrin stated that the MOU which was signed at Pointe-a- Pierre by executives representing both companies, focused on both the “upstream and downstream arms of the crude oil value chain.” “Upstream, Staatsolie has several near shore blocks ranging from exploration through appraisal and development, for which opportunities for partnering with Petrotrin exist.

The Company is also interested in applying enhanced oil recovery (EOR) strategies in onshore blocks to improve oil recovery and this represents another area where Petrotrin will share its experience and expertise,” Petrotrin stated.

On the downstream side, both companies are expected to explore business opportunities for crude and product sales and/ or swaps, product blending and bunkering while there would also be the “sharing of technical knowledge and experience in refinery operations, engineering and procurement.

“With the signing of the MOU signalling the start of the cooperation exercise, technical teams from both companies look forward to forging deeper relationships based on mutual synergies in the future,” Petrotrin stated.

Staatsolie, like Petrotrin, is involved in exploration and production and refining and marketing and is also involved in retail product sales, commercial power generation and gold mining.

In 2016, Staatsolie commissioned a new refinery with a capacity of 15,000 barrels per day.