Suriname’s shallow water bid round has closed and according to its state oil company, Staatsolie, “several bids” were received.
“We would like to thank the companies which have shown their interest,” the Staatsolie said in a recent announcement.
The state oil firm is yet to release the companies that submitted bids and for which blocks.
It said awards were supposed to be made on June 28.
Eleven blocks were put on auction. Staatsolie’s Hydrocarbon Institute (SHI) said the blocks, situated between the onshore-producing oilfields and the deepwater discoveries, fall within water depths up to 150 meters. SHI said recent mapping on these blocks has identified over 98 leads and prospects which have been interpreted from existing 2D and newly acquired multiclient 3D seismic data. Collectively, SHI noted that these leads and prospects host a significant volume of oil with an aggregate mean unrisked STOIIP (stock tank oil initially in place) amounting to an “impressive 91 billion barrels.” STOIIP refers to an estimate of how much oil in a reservoir is economically recoverable.
Geo Expro said that the exploration potential in Suriname’s shallow offshore area is underscored by the extension of the Campanian-Santonian distal shelf and intra-slope turbidite plays from offshore Guyana into Suriname. Substantial discoveries have been made by companies like APA and TotalEnergies in Block 58, with the recent success of the Roystonea-1 exploration well in Block 52, drilled by Petronas and ExxonMobil in late 2023, further extending the play eastward.
The blocks are governed by Suriname’s petroleum legislation, which outlines the regulatory framework for exploration, appraisal, development, and production activities. Staatsolie has set clear terms for its involvement, retaining a carried equity that ranges from 10% to 30% during the exploration phase. This involvement extends to a right of participation as an equity partner in the event of a commercial discovery throughout the development and production phases.
