Petronas makes new gas find at Suriname offshore block

Malaysia’s state-controlled energy producer Petronas has made another gas ‌discovery at offshore Block 52 in Suriname, the South American country’s President Jennifer Simons said on Tuesday, while a company executive said the block’s eight discoveries contain more than 1 billion barrels of oil equivalent.

Suriname is seeking to follow neighbouring ​Guyana’s transformation into a major oil producer through offshore developments led by international energy companies.

Petronas ​is expected to make a final investment decision this year to develop offshore natural ⁠gas reserves in Suriname after declaring its Sloanea discovery commercially viable in the same block. The company ​has also been exploring for oil.

“This is really good news for us,” Simons said at an energy conference, without ​elaborating. It “sets the base for multiple oil and gas developments and a brighter future for Suriname,” she added.

“To date, we have made eight successful exploration discoveries, unlocking over more than one billion barrels of oil equivalent, while continuing advancing lower-carbon ​solutions, safe operations and investment in people, technology and capability to create long-term value for the country,” ​said Petronas COO Mohd Jukris Abdul Wahab during the conference.

He added that Block 52 “sits within a highly prospective corridor, the ‌Golden ⁠Lane, supported by strong regional analogues and sustained industry focus.”

The first output from Suriname’s offshore resources is on track to be inaugurated by a consortium led by TotalEnergies in 2028, Oil Minister Patrick Brunings told Reuters on the sidelines of the conference.

Suriname’s state-run energy firm Staatsolie is offering an open-door licensing round covering ​over 70,000 square kilometers (27,027 ​square miles) across five ⁠offshore sectors. It allows companies to propose work programs and secure production-sharing contracts or joint study agreements to improve seismic data available.

“There are a few more ​surprises in store,” Brunings said referring to exploration progress. “If we find a lot ​of gas, we ⁠can establish various industries, such as the bauxite industry and the petrochemical industry.”

Following Guyana’s emergence as a prominent oil producer with over 900,000 barrels per day (bpd), Suriname is also betting on offshore development to produce and ⁠export crude ​and gas through projects led by large foreign producers.

“We can ​also focus on gas exports,” Brunings added. “The whole world is now looking for reliable gas suppliers, and we believe we can play ​that role very well.”

(By Ank Kuipers and Marianna Parraga; Editing by Cynthia Osterman and Sanjeev Miglani)