June 22, 2024
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Suriname Oil Discoveries Hit 2.4 Billion Barrels

According to an estimation by Wood Mackenzie analysts, South American nation, Suriname, has hit 2.4billion barrels in reserve. The nation also holds holds some 12.5 trillion cubic feet in natural gas reserve.

One  discovery made by Petronas with its partner Exxon in two Suriname blocks is very close to commercial production, and production there could begin at a daily processing rate of 100,000 barrels, Wood Mackenzie analyst estimated.

Other discoveries made by TotalEnergies and APA Corp are moving towards sanctioning.TotalEnergies is expected to make the final investment decision on its project, in Block 58, by the end of this year, eyeing the start of production in 2028.

Suriname, a neighbor of Guyana, is seen to also have potentials of an oil boom as the two nations share one hydrocarbon basin. However, exploration efforts have taken longer in Suriname and the colossal success of Exxon with the Stabroek Block and its dozen discoveries has yet to be replicated in the country.

Petronas and Exxon specifically reported unsatisfactory results from a drilling project in Block 52 a couple of years ago. This week, however, the two struck oil in the same block, reviving hopes of an oil and gas boom in Suriname. The size of the discovery has yet to be determined but it would be the third one in the block. In total, Petronas and Exxon have tapped some 400 million barrels in reserves.

In the last six years, nine offshore discoveries were made in Suriname, though commercial development of any of them is yet to begin. The government however is eager to begin its oil and gas industry, as it has already granted tax incentives to Petronas and Exxon for the development of their Block 52 project.


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