Staatsolie inks gas exploration deal with ExxonMobil, Petronas

Suriname’s Staatsolie has agreed with US giant ExxonMobil and Malaysia’s Petronas to extend exploration of the offshore Sloanea-1 gas discovery and seek development of a commercial gasfield in Block 52, Staatsolie announced on March 4.

Through a letter of agreement, the parties have committed to further exploration, which was halted after a 2020 discovery in Block 52 was deemed commercially unattractive.

Appraisal drilling is set to begin in April 2024. Production testing will also be carried out and will form a basis for the decision to develop the field via a FLNG vessel.

Following major discoveries in its territorial waters in recent years, Suriname has emerged as one of the most promising new oil and gas provinces worldwide. Staatsolie acts as both the national energy company and regulator, engaging in oil and gas exploration and production, as well as the refining, marketing, transportation and sale of oil products.

For more on Suriname’s rising oil prospects, see our latest interviews with Staatsolie CEO Annand Jagesar and foreign minister Albert Ramdin.