Petronas Embarks on Ambitious Oil Exploration in Suriname

Malaysia's national oil and gas company, Petronas, is making significant strides in its exploration efforts in Suriname, focusing on the commercially promising offshore Block 52. Following major gas discoveries, the move marks a significant development in the region's energy prospects.

Annand Jagesar, managing director of Staatsolie, revealed in an interview with Reuters that within 18 months, they aim to declare commercial oil viability in Block 52. This follows the successful Sloanea gas discovery, which could pave the way for substantial developments such as floating liquefied natural gas (LNG) facilities, pending a final investment decision by Petronas and Staatsolie before year-end. The initial gas production is anticipated by 2030.

Suriname's energy landscape is also gearing up for offshore oil production by 2028 with TotalEnergies' $10.5 billion Gran Morgu project. To bolster exploration, Staatsolie has announced an open-door licensing initiative covering extensive offshore sectors, inviting companies to propose projects and secure production-sharing contracts. This initiative is open for a minimum of two years, with the expectation of attracting several new investors.

(With inputs from agencies.)