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Released November 09, 2023 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--On Tuesday, Staatsolie, the Surinamese national energy company, launched a new offshore auction of 11 shallow water blocks in an effort to expand the development of its energy industry.
The blocks have a depth of up to 150 meters. The auction bidding will close May 31, 2024.
The announcement of the new auction follows the closure of the Demerara 2022-2023 bid round, which opened in December last year. For Demerara, Staatsolie received three offers from the six blocks auctioned.
Also, Petronas (Kuala Lumpur, Malaysia) announced last week a new oil discovery at the Roystonea-1 in Block 52. The company is now conducting studies to determine if synergy exists with the Sloane-1 oil well, which was discovered in the same block in 2020.
Petronas Vice President of Exploration Mohd Redhani Abdul Rahman said, "The success of Roystonea-1 is expected to drive further exploration for commercially viable hydrocarbon resources in the surrounding areas. Petronas will continue to work closely with the host authority, Staatsolie, and partners to unlock Suriname's hydrocarbon potential. We look forward to implementing safe and successful future exploration programmes together."
Meanwhile, TotalEnergies SE (NYSE:TTE) (Courbevoie, France) and APA Corporation (NASDAQ:APA) (Houston, Texas) announced in September that they could invest about $9 billion in the development of Block 58, which contains 700 million barrels of recoverable oil. The companies aim to install a floating production storage and offloading facility (FPSO) with a capacity of 200,000 barrels of oil per day (BBL/d). The final investment decision (FID) of the project will be taken before the end of 2024. For more information, see September 28, 2023, article - TotalEnergies Could Invest $9 Billion in Suriname Oil Development.
The announcements represent positive news for Suriname, which seeks to attract investments to develop its industry, especially on the exploration front. However, it will take a few years before the nation sees its first oil barrel producer from offshore assets.
So far, companies such as TotalEnergies, Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas), and Chevron Corporation (NYSE:CVX) (San Ramon, California) are exploring Surinamese waters, though Total and Apa are the only ones with major project announcements.
The model and success in Guyanese oil production, despite its tensions with Venezuela, are helping boost interests from major companies in Suriname's energy sector.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The blocks have a depth of up to 150 meters. The auction bidding will close May 31, 2024.
The announcement of the new auction follows the closure of the Demerara 2022-2023 bid round, which opened in December last year. For Demerara, Staatsolie received three offers from the six blocks auctioned.
Also, Petronas (Kuala Lumpur, Malaysia) announced last week a new oil discovery at the Roystonea-1 in Block 52. The company is now conducting studies to determine if synergy exists with the Sloane-1 oil well, which was discovered in the same block in 2020.
Petronas Vice President of Exploration Mohd Redhani Abdul Rahman said, "The success of Roystonea-1 is expected to drive further exploration for commercially viable hydrocarbon resources in the surrounding areas. Petronas will continue to work closely with the host authority, Staatsolie, and partners to unlock Suriname's hydrocarbon potential. We look forward to implementing safe and successful future exploration programmes together."
Meanwhile, TotalEnergies SE (NYSE:TTE) (Courbevoie, France) and APA Corporation (NASDAQ:APA) (Houston, Texas) announced in September that they could invest about $9 billion in the development of Block 58, which contains 700 million barrels of recoverable oil. The companies aim to install a floating production storage and offloading facility (FPSO) with a capacity of 200,000 barrels of oil per day (BBL/d). The final investment decision (FID) of the project will be taken before the end of 2024. For more information, see September 28, 2023, article - TotalEnergies Could Invest $9 Billion in Suriname Oil Development.
The announcements represent positive news for Suriname, which seeks to attract investments to develop its industry, especially on the exploration front. However, it will take a few years before the nation sees its first oil barrel producer from offshore assets.
So far, companies such as TotalEnergies, Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas), and Chevron Corporation (NYSE:CVX) (San Ramon, California) are exploring Surinamese waters, though Total and Apa are the only ones with major project announcements.
The model and success in Guyanese oil production, despite its tensions with Venezuela, are helping boost interests from major companies in Suriname's energy sector.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
