Petronas, ExxonMobil Make Third Oil Discovery in Suriname's Block 52

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petronas (Kuala Lumpur, Malaysia) and Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) have announced a new oil finding at the offshore well Fusaea-1, as Suriname follows Guyana's footsteps.

The companies continue their successful exploration activities in Suriname, announcing an oil discovery at the Fusaea-1 well in Block 52, north of the coast of Suriname's capital. This follows their previous successful discoveries at Roystonea-1 and Sloanea-1 oil wells, also in Block 52.

This oil block, which covers an area of 4,749 square kilometers, is owned by a consortium consisting of ExxonMobil (50%) and Petronas (50%), with the latter operating the asset.

The companies said in a statement that the Fusaea-1 well was drilled in February 2024 to a depth of 5,227 meters, where several oil-and gas-bearing Campanian reservoirs were found.

Petronas Vice President of Exploration Mohd Redhani Abdul Rahman mentioned, "The success of Fusaea-1 is a testament to the advancements in our geological comprehension of this region, bolstered by recent breakthrough in Roystonea-1 and Sloanea-1. These discoveries have significantly expanded the prospectivity and integrated oil and gas development potential within Block 52. In pursuit of sustainable and high-value material resource, Petronas remains committed in its exploration activities in selected focus regions as part of its portfolio rationalisation efforts."

In the last few years, companies have increasingly looked at Suriname for oil and gas exploration following the discoveries in Guyana, Suriname's neighbor. After becoming the newest oil state in 2019, Guyana has seen its production climb to over 600,000 barrels of oil per day (BBL/d) in just five years. The successes in oil exploration in Guyana have driven others to search for resources similar in Suriname.

As a result, companies like Petronas, ExxonMobil, Apa (NASDAQ:APA) (Houston, Texas), TotalEnergies SE (NYSE:TTE) (Courbevoie, France) and QatarEnergy (Doha, Qatar) have targeted oil and gas reservoirs offshore Paramaribo, the country's capital, in the hopes of developing projects like those in Guyana.

Last year, TotalEnergies and Apa announced that they are studying the development of a 200,000-BBL/d project in their Block 58 with investments of US$9 billion. The construction of this project could kick off Suriname's offshore oil and gas future.

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) platform 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).