Petronas finds new gas in Suriname offshore block. Discoveries equivalent to 1 billion barrels

The president of Suriname Jennifer Simons announced on Tuesday that Malaysia's state energy company Petronas has made another gas find at the offshore 'Block' 52 in Suriname. A company executive stated the eight discoveries contained more than one billion barrels oil equivalent.

Suriname wants to emulate the success of its neighbour Guyana in becoming a major oil producing country through offshore development led by international energy firms. Petronas will make a final investment decision in Suriname this year for the development of offshore natural gas reserves after declaring that its Sloanea discoveries are commercially viable in the same block. The company is also exploring for oil.

Simons, at an energy event, said without further explanation: "This is a really good thing for us." She added that it "sets up the foundation for multiple oil-and-gas developments and a better future for Suriname." Petronas CEO Mohd Jukris Abdul Wahab said that the company has made eight successful discoveries and unlocked more than a billion barrels of oil equivalent. They are also investing in lower-carbon solutions, safe operations, and people, technology, and capability, to create long-term values for the country.

Patrick Brunings, the Oil Minister, said on the sidelines at the conference that the first production from Suriname’s offshore resources will be launched by a consortium headed?by TotalEnergies?in 2028.

Suriname’s Staatsolie, the state-run energy company in Suriname, is holding an open-door round of licensing for five offshore sectors covering more than 70,000 square kilometers. The open-door licensing round allows companies to propose work programs and secure production sharing?contracts, or joint study agreements in order to improve the seismic data available.

Brunings, referring to the exploration progress, said that there were still a few surprises left. "If we find a lot more gas, we could establish different industries such as petrochemicals and the bauxite sector."

Suriname, following Guyana’s rise as a major oil producer (with over 900 000 barrels per daily (bpd)), is also betting on offshore development in order to produce and export 'crude and gas via projects led by large foreign producers.

Brunings said, "We can focus on exporting gas as well." We believe that we can fulfill this role well. The world is looking for reliable suppliers of gas. (Reporting and writing by Ank Kuipers, Marianna Pararaga, Cynthia Osterman & Sanjeev MIglani; editing by Cynthia Osterman & Sanjeev miglani).

(source: Reuters)