Petronas, Chevron Secure Two New Blocks Offshore Suriname

Written by Amir Richani for Industrial Info Resources (Sugar Land Texas)

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Summary

Chevron and Petronas have secured two new exploration blocks in Suriname, as the country hopes to become a new hydrocarbon hub. Recent oil discoveries and development of the GranMorgu project offer hope to the country of becoming a significant oil player.

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Suriname continues to attract international energy companies to its offshore blocks in hopes of finding similar oil riches to those of its neighbors, with Petronas (Kuala Lumpur, Malaysia) and Chevron (Houston, Texas) expanding their footprint in the country.

A consortium composed of Petronas (30%, operator), Chevron (20%), QatarEnergy (Doha, Qatar) (20%), and Paradise Oil Petroleum (POC) (Calgary, Alberta) (30%) signed an agreement to explore Block 9 in shallow waters.

Meanwhile, for Block 10, also located in shallow waters, a consortium comprising Chevron (30%, operator), Petronas (30%), QatarEnergy (30%), and POC (10%) won its exploration rights.

Blocks 9 and 10 are not the only asset held by these companies in Suriname. All of them have stakes in several other exploration efforts:

• Petronas holds stakes in blocks 48, 52, 53, 63, 64, and 66.
• Chevron is exploring for oil in blocks 5, 7, and 42.
• QatarEnergy has stakes in blocks 5, 6, 8, 65, and 64.
• POC is a minority partner in blocks 5, 6, 7, 8, 14, 15, and 66.

Other international players active offshore Suriname include TotalEnergies (Courbevoie, France), APA (Houston), Shell (London, England), and PetroChina (Beijing, China).

While some companies continue to expand their footprints, others, like ExxonMobil (Spring, Texas), have exited offshore blocks in recent years, despite multiple new oil and gas discoveries in the area.

For this year, Suriname expects five new exploration wells to be drilled in hopes of finding new resources.

Ongoing projects

The GranMorgu project in Block 58 is considered Suriname's most significant offshore development, expected to be a game changer for the country's energy sector. Owned by TotalEnergies, Staatsolie (Paramaribo, Suriname) and APA, it will involve a US$10.5 billion investment in a floating production, storage, and offloading unit (FPSO) with a 220,000 barrel-per-day (BBL/d) oil production capacity, and is set for a 2028 startup.

The Sakapara and Krabdagu fields, which will anchor the GranMorgu project, hold recoverable reserves of 760 million barrels.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports.

Currently, Suriname produces low volumes of oil only from onshore assets. However, the development of GranMorgu is poised to transform the country's energy landscape and accelerate offshore exploration.

Key Takeaways

• Chevron and Petronas expand their exploration footprint in Suriname
• Multiple international companies like TotalEnergies, Shell, ExxonMobil, QatarEnergy and others are betting on finding oil in Suriname/
• GranMorgu is the largest hydrocarbon project announced in Suriname, with investments of US$10.5 billion and a forecast output of 220,000 BBL/d.

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