Suriname has now become a point of interest in the oil industry thanks to estimates that its oilfields contain approximately 2.4 billion barrels of crude oil. This evaluation has been carried out by Wood Mackenzie experts, who have also identified potential reserves of 12.5 trillion cubic feet of natural gas.
The most significant advance towards commercial production is led by a Petronas project with its partner Exxon in two blocks in Suriname, which are projected to start producing at a rate of 100,000 barrels per day, according to the same consultancy.
Other oil exploration in Suriname
In addition, other important fields are under development by TotalEnergies and APA Corp, which are in the process of final evaluation. It is anticipated that TotalEnergies will decide whether to proceed with investment in its Block 58 project towards the end of this year, targeting production to begin in 2028.
Despite comparisons with Guyana’s Guyana’s oil boom Suriname has had a slower path in terms of exploration. Although Exxon has made multiple discoveries in the Stabroek block in Guyana, similar results have yet to be seen in Suriname.
A few years ago, Petronas and Exxon faced challenges with unpromising results in Block 52; however, recent discoveries in this same block have renewed hopes for an oil and gas renaissance in Suriname. Although the exact size of the latest discovery has yet to be determined, it is already the third in this block, totaling 400 million barrels in reserves for Petronas and Exxon.
Over the course of the last six years, Suriname has seen a total of nine maritime discoveries, but the commercial development of these is still pending. The government of Suriname, eager to boost its oil and gas industry, has implemented tax incentives to encourage the development of the Block 52 project by Petronas and Exxon.
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Source: oilprice.com
Photo: Shutterstock
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