Suriname could add new momentum to its growing offshore industry. State-owned company Staatsolie estimates that Block 52, operated by Petronas, could reach a declaration of commerciality for oil within the next 18 months, expanding the energy potential of an area already considered viable for natural gas development.
According to Annand Jagesar, managing director of Staatsolie, exploration work continues in the block located off the coast of the South American country. The executive noted that the results obtained so far allow for the anticipation of a possible confirmation of crude oil commercial viability within a relatively short timeframe.
Suriname’s Block 52 Advances Toward Energy Development
At the end of last year, partners Petronas and Staatsolie declared the natural gas development in Block 52 commercial following significant discoveries made in the area.
Among these, the Sloanea discovery stands out, considered one of the projects with the greatest potential to drive Suriname’s gas production over the next decade.
If the partners approve a final investment decision before the end of this year, the development would include floating infrastructure for liquefied natural gas production. According to current forecasts, the first gas deliveries could begin around 2030.
Oil and Gas Could Be Developed in Parallel
The potential commerciality of oil would add a new strategic dimension to the offshore block. If the economic viability of crude oil is confirmed, Suriname would have the opportunity to simultaneously advance oil and gas projects destined for export.
Likewise, this scenario would strengthen the country’s positioning within the Suriname-Guyana basin, one of the most active exploration regions in South America in recent years.
Authorities consider that the combination of gas and oil resources would allow for the diversification of future revenue sources and accelerate the development of specialized energy infrastructure.
GranMorgu Prepares for Offshore Production Start-Up
While evaluations advance in Block 52, Suriname continues preparing to initiate commercial production of deepwater crude through the GranMorgu project.
The initiative, led by TotalEnergies and valued at approximately $10.5 billion, is expected to begin operations in 2028. The project represents one of the largest energy developments currently under execution in the country.
The entry into operation of GranMorgu will mark the beginning of a new phase for Suriname’s offshore oil industry and will serve as a reference for future developments in neighboring blocks.
New Licensing Round Seeks to Attract Investors
In parallel, Staatsolie maintains an open licensing round covering more than 70,000 square kilometers distributed across five offshore sectors.
The proposal allows interested companies to submit work programs and opt for production-sharing agreements or joint initiatives aimed at improving available seismic information.
According to Jagesar, Suriname expects to attract between three and four investors to participate in these areas over the coming years. The call will remain open for at least two years as part of the national strategy to expand exploration and consolidate new energy development opportunities.
Source: Reuters
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