Suriname opens oil and gas bid round

PARAMARIBO, November 9, 2023 – Suriname has launched an oil and gas bid round for 11 offshore concessions, the country’s state-owned energy company announced on Tuesday.

The bid round will run until May 2024 with successful winners announced in June 2024.

The shallow-water blocks are all located close to the shore in water depths of around 150 metres.

They are located south of major finds by energy giants such as TotalEnergies, Chevron, ExxonMobil and Petronas, including a recent find in November 2023 on Block 52.

The auction is being managed by a wholly owned subsidiary of NOC Staatsolie called Staatsolie Hydrocarbon Institute.

TotalEnergies and Apache Corporation are expected to make their FID on the development of Suriname’s Block 58 in 2023 or 2024.

Plans for the USD 9-billion project on Block 58 is expected to include subsea wells tied back to an FPSO located around 150 kilometres off the coast of Suriname in water depths between 100 metres and 1,000 metres.

The county is aiming to see first offshore oil production by 2028.

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