Capital investment in Suriname’s upstream oil and gas sector is set to grow significantly, with spending projected to reach US$9.5 billion between 2024 and 2027, according to Rystad Energy.
This surge is driven by the TotalEnergies-operated GranMorgu project and new exploration efforts. The GranMorgu project is currently under development, with first production expected in 2028. SBM Offshore, in partnership with Technip Energies, has secured contracts to build and install a floating production, storage, and offloading vessel (FPSO).
A key development is Shell’s Araku Deep-1 well, the first of four wells it plans to drill this year. “A discovery at the well could de-risk deeper plays and provide better clarity around future drilling plans,” the Rystad Energy report stated. Staatsolie, Suriname’s national oil company, holds a 20% stake in the project.
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Shell, TotalEnergies, and Chevron are leading exploration, aiming to boost Suriname’s 2.2 billion barrels of oil equivalent (boe) recoverable resources. Rystad Energy noted that Suriname ranks second only to Namibia among emerging exploration areas.
The country’s geological similarities to Guyana make it an attractive investment target. “There is every reason for assets in Suriname to be capable of generating healthy cash flows despite operating in a high-risk and relatively unexplored environment,” Rystad Energy stated.
