PARAMARIBO, SURINAME – Suriname’s offshore area has moved beyond the discovery phase and the Dutch speaking nation is now being judged on its ability to deliver projects efficiently and provide investment certainty. This is according to a senior Petronas executive on Tuesday, even as the company reported another discovery in Block 52.
Speaking at the opening of the Suriname Energy, Oil and Gas Summit (SEOGS) in Paramaribo, Petronas Upstream Chief Executive Officer Mohd Jukris Abd Wahab said the country’s resource potential is no longer the main question facing investors.
“Suriname is no longer being assessed on geology but on execution,” he said. “The basin is proven.”
His comments came hours after President Jennifer Geerlings-Simons announced that Petronas had informed her earlier Tuesday of a new discovery in Block 52, where the Malaysian energy company is advancing plans for an offshore natural gas development.
The Guyana-Suriname Basin has emerged as one of the world’s most active exploration regions, the official explained, with more than 18 billion barrels of oil equivalent discovered over the past decade. Abd Wahab said the Atlantic Basin is increasingly becoming a key engine of global supply growth as investors seek regions capable of delivering projects on time and with greater certainty.
“What is increasingly evident to investors and partners alike is that Suriname is not only resource rich, but also institutionally committed,” he said, pointing to efforts to strengthen the investment climate and the establishment of the Ministry of Oil, Gas and Environment.
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Petronas views Suriname as an important part of its regional growth strategy and continues to advance work in Block 52. Abd Wahab highlighted a series of exploration successes, including the Caiman and SAC discoveries, and said the company is seeing healthy interest from potential partners as it evaluates future development options.
But he stressed that successful exploration alone is no longer enough to attract investment.
“Discovery creates potential, but only delivery creates value,” he said.
According to Abd Wahab, capital is becoming increasingly selective and is flowing toward jurisdictions that can demonstrate stability, regulatory clarity and reliable execution. He said project competitiveness has become more important as development costs rise and investors place greater emphasis on certainty and long-term performance.
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The executive noted that best-in-class offshore developments can achieve first oil within four to five years after a final investment decision, compared with an industry average of six to eight years, while project costs have increased by 20% to 30%.
Beyond individual projects, Abd Wahab said long-term success depends on building a broader energy ecosystem, including infrastructure, supply chain capabilities and a skilled local workforce. Petronas is supporting those efforts through education and training initiatives aimed at developing local talent.
“Success will not be defined by resources alone, but by resilience, reliability, and how well we deliver together,” Abd Wahab said.
