The recent Final Investment Decision (FID) in Block 58 has reaffirmed the Guyana-Suriname Basin’s position as one of the most promising oil exploration regions in the world. According to Schreiner Parker, Managing Director for Latin America at Rystad Energy, the basin’s potential continues to attract significant attention from global energy players.
“This FID will go a long way in creating an oil, gas and energy hub based in the two countries of Guyana and Suriname that could eventually account for over two million barrels a day of production by the 2030s,” Parker is quoted as saying in an Oct. 1 Bloomberg article.
The project is estimated to cost US$10.5 billion and is expected to hold approximately 750 million barrels of oil. The development will involve drilling around 30 wells over a few years, with first oil production expected in 2028.
A floating production, storage and offloading (FPSO) vessel will be stationed offshore Suriname once constructed. The project aims to produce up to 220,000 barrels of oil per day (b/d).
The Guyana-Suriname basin is expected to add 950,000 barrels of oil per day (b/d) to market supply, with four projects to come on stream in the period 2025-2028.
One floating production, storage and offloading (FPSO) vessel will start operations each year in the period – ONE GUYANA, Errea Wittu, Jaguar and Suriname’s FPSO.
In May 2024, a GlobalData poll highlighted the oil field developments with the most promising short to medium-term prospects. The emerging oil fields of Guyana and Suriname stood out, with 33% of respondents identifying them as the primary growth engine for oil development.
