Thursday, October 6, 2022

Guyana, Suriname can benefit from joint development of oil & gas resources – Staatsolie Head

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Staatsolie, Suriname’s state oil company, says there is real potential for cooperation between Guyana and Suriname, particularly with gas resource development.

“Large resources and associated and non-associated gas have been discovered and both countries could benefit from jointly developing resources in the future into the domestic, regional and international markets,” Managing Director, Annand Jagesar told OilNOW.

He said the two countries have a strong relationship, especially in respect of oil and gas.

Oil finds in Guyana, Suriname position countries to become “new force” in global energy sector | OilNOW

Cross-border field developments are common throughout the global oil and gas industry; agreements exist in countries like the United States (US), Mexico, Norway, and Germany.

Cooperation is strong between Guyana and Suriname already. Last year, discussions were kick-started between the two on the development of a common gas strategy to advance their oil and gas sectors.

Suriname and Guyana have not yet explored the possibility of cross-border development, but the countries’ best performing blocks are joined at the border.

Over 30 discoveries have been made in the Stabroek Block, and five have been made in Block 58. The Blocks are operated by majors, ExxonMobil and TotalEnergies.

Notably, the closest discovery to the border ever made is on the Guyana side at Haimara-1 – part of ExxonMobil’s extensive catalogue. The find was made in February 2019, encountering approximately 207 feet (63 meters) of high-quality, gas-condensate-bearing sandstone reservoir and was drilled to a depth of 18,289 feet (5,575 meters) in 4,590 feet (1,399 meters) of water.

Chief Executive Officer (CEO) and Founder of One Basin Three Nations (OBTN) Harvey Bijnaar had told OilNOW there may be an extension of the play in the subsoil that stretches to Suriname.

“[So] the One Basin Three Nations Advisory Group believes there is a transboundary opportunity for cooperation to explore and produce this reservoir by both countries involved,” he said.

Giant oil finds in Guyana and Suriname point to major frontier – Brazil Petroleum Studies | OilNOW

The OBTN Founder pointed out that both Guyana and Suriname have signed on to the United Nations Convention on the Law of the Sea (UNCLOS) and this gives a framework to get the process started.

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