Hess encouraged by Suriname oil strikes, says offshore potential significant

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Hess Corporation said it is encouraged by the exploration success of Apache and Total in Suriname’s Block 58 where three discoveries have so far been made and the search for more hydrocarbon continues.

John Hess, CEO of Hess Corporation said Suriname is in the early stages of its offshore development, like where Guyana was in 2015 when the massive Liza 1 discovery was made at the Stabroek block where the company has a 30 percent stake.

“I would say Suriname is in the much earlier stages where we were in 2015 and 2016,” Hess said. “Apache has had…success there working with Total. We are encouraged by that, in the Campanian in the Santonian. So similar geology. We have a pretty good understanding of what that geology has.”

Hess sees more upside to Guyana’s 9 billion boe estimate, big potential in Santonian

Kwaskwasi-1, Apache’s third discovery in Suriname, encountered at least 912 feet (278 meters) of net oil and volatile oil/gas condensate pay across two intervals – Campanian – 282 feet (63 meters) of net oil pay and 86 meters of net volatile oil/gas condensate pay, and Santonian – 129 meters of net hydrocarbon pay.

In 2016, Hess acquired a one-third non-operated interest in the Block 42 contract area offshore Suriname, which is located along the northeast margin of South America. Kosmos Energy Suriname is the operator and has one-third working interest, while Hess Suriname Exploration Ltd. and Chevron Suriname Exploration each have one-third interest. Deepwater Block 59, which is to the north and contiguous to Block 42, was awarded to Hess Suriname Exploration Limited and co-venture partners ExxonMobil Exploration and Production Suriname B.V. and Equinor Suriname B59 B.V. in 2017. Each have a one-third interest and ExxonMobil Exploration and Production Suriname B.V. is the operator.

“So, it is earlier days in Suriname, but we actually think there is some exciting exploration potential there and I think over the next several years we’ll see how that bears fruit,” Hess said.

Experts say the Guyana-Suriname Basin deep water hydrocarbon system can be summarized by the interaction between three river systems, Aptian Demerara, Upper Cretaceous Berbice and Miocene/Pliocene Amazon.

The US Geological Survey (USGS) is also looking to reassess its estimated petroleum reserves in the basin which could see its previous estimate of 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas, increasing.

Already, ExxonMobil has found approximately 9 billion barrels of oil equivalent resources offshore Guyana, with significant multi-billion-barrel potential remaining.

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