A gas discovery on the shelf of Suriname has increased the total reserves of the Malaysian state oil company Petronas to more than one billion barrels of oil equivalent. This announcement was made by Suriname’s President, Jennifer Simons, during an energy conference in the capital, Paramaribo.
Simons described this as “good news for the country” and stated that the discovery “lays the foundation for several future oil and gas projects”. The area in question, Block 52, is located on the shelf and is managed by Petronas. This section of the seabed is also where Suriname’s first gas project is already planned. As a small country aiming to emulate neighboring Guyana’s success, Suriname hopes each new discovery brings its aspirations of becoming a significant oil and gas producer “a little more real”.
Significance of gas discoveries in Suriname
Currently, Petronas has made eight successful discoveries in Block 52, which together contain over one billion barrels of oil equivalent—a figure that combines oil and gas. At the conference, Mohd Jukris Abdul Wahab, head of the exploration and production division of Petronas, noted that Block 52 is situated in a promising area of the seabed, referred to as the “Golden Lane”.
This substantial figure is significant because it transforms scattered discoveries into a viable business. One billion barrels of resources is sufficient to justify the investment in expensive offshore facilities, particularly for gas. The largest of these discoveries, the Sloanea field, was deemed commercially viable at the end of last year, enabling Petronas to initiate a comprehensive development plan—a necessary step before securing funding. Petronas has been operating in Block 52 for over ten years, having signed a contract with the state oil company Staatsolie in 2013. A series of discoveries since then has gradually transformed Block 52 from a risky venture into Suriname’s leading gas project.
Future plans and regional context
The real test for the project will come later this year, as Petronas is expected to make a final investment decision on the Block 52 gas project by the end of 2026. This decision will determine whether the discovery evolves into a funded project or remains merely a mark on the map.
The proposed project is unconventional: instead of transporting gas to shore via pipeline, it plans to cool the gas to a liquid state on a floating facility anchored at sea, known as a floating liquefied natural gas facility. The first gas is expected to be produced around 2030. If successful, this will be the first such facility in the region. Liquefying gas offshore allows Suriname to supply customers worldwide, reducing reliance on a pipeline to a single neighbor.
The geological structure is no coincidence: Suriname shares the same productive offshore basin as neighboring Guyana, where a series of giant oil discoveries have transformed its economy. Global energy companies are now expressing interest in Suriname’s waters as part of a licensing round covering more than 70,000 square kilometers.
Source: The Rio Times