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Suriname's Energy Industry

Annand JAGESAR

CEO

STAATSOLIE

There is a major opportunity for Suriname to benefit economically in the world’s final decades of oil and gas use.
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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

Trinidad’s shifting demand for oilfield equipment TEY_post_Marc-SITARAM
Interview
Trinidad and Tobago - May 20, 2024

Marc Sitaram of Bandera Oil Tools talks about the company’s strategic approach to oilfield equipment supply in Trinidad and…

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Petronas makes discovery off Suriname
NEWS
Suriname - May 16, 2024

Malaysia's Petronas has made a third oil and gas discovery in Suriname's offshore Block 52.

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A strategic approach to service optimisation TOSL _Russell-BOODOO
Interview
Trinidad and Tobago - May 03, 2024

Russell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.

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Staatsolie inks gas exploration deal with ExxonMobil, Petronas
NEWS
Suriname - March 05, 2024

Staatsolie 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…

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Suriname signs offshore PSAs with global oil players
NEWS
Suriname - December 19, 2023

Energy giants Shell, TotalEnergies, QatarEnergy and Petronas have signed PSAs with Suriname’s state-run Staatsolie for three offshore oil and gas blocks, Reuters…

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Drilling dynamics and economics in Trinidad Anthony-BRASH
Interview
Trinidad and Tobago - December 05, 2023

Anthony 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…

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Suriname opens oil and gas bid round
NEWS
Suriname - November 09, 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…

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Suriname: a rising star in oil and gas
Articles
Suriname - November 02, 2023

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…

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