Suriname’s oil and gas sector is taking off at a dynamic time for the global energy industry, with a worldwide energy transition and wars in Ukraine and the Middle…
READ MORESuriname's Energy Industry
Annand JAGESAR
CEO
STAATSOLIE
Suriname's Energy Industry In Figures
Oil reserves as of end-2022:124 million barrels
Oil production as of mid-2023:17,000 bopd
Suriname's rich oil and gas prospects
Suriname has emerged in recent years as one of the most promising new oil and gas provinces worldwide. South America’s smallest nation by both size and population has recently seen major discoveries in its territorial waters, with Eni putting oil reserves at 124 million barrels as of end-2022 amid a continuing spate of discoveries.
Suriname’s oil production is dominated by state-owned Staatsolie’s onshore developments. As of mid-2023, the company was producing 17,000 bopd. However, the country’s energy scene is poised for major changes following a series of commercial offshore oil discoveries made in late 2019 and 2020.
Following the “Malaysian model,” Staatsolie acts as both the national energy company and regulator, covering the responsibilities typically held by an energy ministry. As regulator, its stated goal is to keep as much acreage as possible under contract with international partners. As an energy company, Staatsolie engages in oil and gas exploration and production, as well as the refining, marketing, transportation and sale of oil products. The company also contributes 75% of Suriname’s power generation.
Suriname’s star hydrocarbons play is Block 58. The block is being developed under a 2019 joint-venture agreement between partners TotalEnergies and APA, each holding 50%. TotalEnergies operates the block, and in September 2023 unveiled a USD 9-billion offshore drilling project at two sites that CEO Patrick Pouyanné says could contain 700 million barrels. The company is targeting production of 200,000 bopd, a game-changing volume more than 10 times Suriname’s current output. Development studies began in September 2023 and an FID on the project is expected by end-2024, with production to follow four years later in 2028.
The government’s strategic plans for its wealth of oil and gas resources involve developing offshore finds in the near term and with a low carbon impact, and using revenues from these projects to address its international debt and fund its energy transition.
Suriname's Energy Industry News and Articles
Petrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.
READ MORELincoln Ramjattan of Tucker Energy Services talks about how Trinidad and Tobago can maintain competitiveness with the region’s…
READ MOREStaatsolie has agreed with ExxonMobil and Petronas to extend exploration of the offshore Sloanea-1 gas discovery and seek development of a commercial gas field in Block…
READ MOREEnergy giants Shell, TotalEnergies, QatarEnergy and Petronas have signed PSAs with Suriname’s state-run Staatsolie for three offshore oil and gas blocks, Reuters…
READ MOREAnthony Brash, managing director of Well Services Petroleum Company, talks to The Energy Year about the company’s main recent drilling projects and key factors the…
READ MORESuriname 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…
READ MOREMalaysia’s Petronas has made an oil discovery in Suriname’s offshore Block 52, the company announced on Thursday.
The discovery was made at the Roystonea-1…
READ MOREIn October 2023, Chevron entered an agreement to fully acquire Hess Corporation in a deal valued at USD 60 billion including debt.
READ MOREAnnand Jagesar, CEO of Staatsolie Maatschappij Suriname, talks to The Energy Year about Suriname’s plans for growing its oil and gas sector while remaining a…
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