Wednesday, December 7, 2022

Massive 30 billion barrels of oil now estimated offshore Suriname – Staatsolie VP

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Paramaribo, Suriname – Suriname’s recent oil finds in Block 58 put the South American nation’s recoverable resource count at over five billion oil-equivalent barrels. But that number is merely a tiny fraction of what is believed to be held in the Suriname basin.

Seismic data obtained by Staatsolie, Suriname’s National Oil Company (NOC), suggests that the Suriname basin holds some 30 billion barrels of oil equivalent and this, according to Staatsolie’s Vice President of Offshore, Glenn Corrie, “is the real prize”.

He was at the time giving a presentation at the Suriname Energy, Oil and Gas Summit (SEOGS) being held in the nation’s capital, Paramaribo.

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Staatsolie’s Vice President of Offshore, Glenn Corrie

Currently, just 40% of Suriname’s offshore oil blocks have been licensed, some 32 million acres, leaving over 60% untouched and ripe with potential.

“… about 30 billion barrels of oil recoverable resource is sitting there in the basin, that is yet to find our scope. That is the real opportunity for future activity. That is the real prize,” he stated.

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By the fourth quarter, the 60% of unexplored offshore acreage will be up for grabs and Suriname is looking to get good fiscal terms for the development of its oil and gas resources.

In 2023, the Dutch-speaking nation has also planned another auction for shallow water blocks.

“It is an opportunity absolutely not to be missed,” the Staatsolie VP stated.

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