Petronas makes new discovery at Suriname offshore block

PARAMARIBO: Malaysia’s state-controlled energy producer Petronas has made another discovery at offshore Block 52 in Suriname, the South American country’s President Jennifer Simons said on Tuesday.

Petronas is expected to make a final investment decision this year to develop offshore natural gas reserves in Suriname after declaring its Sloanea discovery commercially viable in the same block. The company has also been exploring for oil.

“This is really good news for us,” Simons said at an energy conference, without elaborating on details. It “sets the base for multiple oil and gas developments and a brighter future for Suriname,” she added.

The first output from Suriname’s offshore resources is on track to be inaugurated by a consortium led by TotalEnergies in 2028, oil minister Patrick Brunings told Reuters on the sidelines of the conference.

Suriname’s state-run energy firm Staatsolie is offering an open-door licensing round covering over 70,000 sq km across ​five offshore sectors. It allows companies to propose ​work ⁠programmes and secure production-sharing contracts or joint study agreements to improve seismic data available.

“There are a few more surprises in store,” Brunings said referring to exploration progress. “If we find a lot of gas, we can establish various industries, such as the bauxite industry and the petrochemical industry.”

Following Guyana’s emergence as a prominent oil producer with over 900,000 barrels per day (bpd), Suriname is also betting on offshore development to produce and export crude and gas through projects led by large foreign producers.

“We can also focus on gas exports,” Brunings added. “The whole world is now looking for reliable gas suppliers, and we believe we can play that role very well.”