Enrique Zepeda, CEO of Transportes Aéreos Pegaso, talks to The Energy Year about the recovery of Mexico’s offshore aviation sector and the differentiators the…
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
Russell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MOREAs an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
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 MOREAPA Corporation has hit positive results from a flow test at the Krabdagu-1 exploration well on offshore Block 58 in Suriname, the Houston-based E&P company…
READ MOREFarid Antar, managing director of Republic Bank (Ghana), talks to The Energy Year about how the Ghanaian economy has gained strength through the clean-up of its…
READ MORETotalEnergies and Apache Corporation have made an oil discovery on Block 58 in Suriname, the French super-major said on Thursday.
The duo completed the Sapakara…
READ MOREA consortium of TotalEnergies and Qatar’s QP has taken two blocks in Suriname’s shallow-water bid round, while Chevron has taken one block.
NOC Staatsolie announced…
READ MORESuriname has launched a shallow-water bid round in its unlicensed and underexplored offshore area, state oil company Staatsolie announced on Monday.
The blocks are…
READ MORENJ Ayuk, president of the Africa Energy Chamber (AEC) and CEO of Centurion Law Group, talks to The Energy Year about how the Covid-19 pandemic has impacted African…
READ MORERudolf Elias, CEO of Staatsolie, talks to TOGY about the company’s role in Suriname’s oil and gas industry, how it defines its E&P objectives, its refining…
READ MOREKrishna Persad, founder and CEO of the KPA Group, talks to TOGY about the geology of Trinidad and Tobago and the region, the country’s hydrocarbons profile, and…
READ MOREKevin Ramnarine, Trinidad and Tobago’s former minister of energy and energy industries, talks to TOGY about policy changes that have led to a more attractive and…
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