PARAMARIBO, SURINAME – S&P Global Energy expects more than US$17 billion to be invested in Suriname’s offshore oil developments over the next five years, with the majority of that capital directed toward projects in Block 58, where the country’s first offshore oil development is set to begin.
Isaac Nuti, Principal Analyst at S&P Global Energy, presented the forecast during the Energy Supply and Demand Outlook session at the Suriname Energy, Oil and Gas Summit (SEOGS) 2026 in Paramaribo.
“Over the next five years, we’re expecting about US$17 billion in capital investment to be poured into these assets as we really ramp up production,” Nuti said.
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He explained that most of the forecast investment is tied to Block 58, led by the GranMorgu development, while Blocks 52 and 53 are also expected to make contributions.
“The key blocks here, of course, is Block 58, and then Block 53 is going to play a major role going forward as well,” he said.
Petronas is planning a natural gas development at Block 52, with a final investment decision expected this year. At Block 53, APA Corporation relinquished a portion of the acreage to the state, and will focus on the discovery area related to the 2022 Baja-1 well.
According to S&P’s outlook, production from existing discoveries is expected to accelerate rapidly over the coming decade, approaching 600,000 barrels of oil equivalent per day as successive developments come online.
Nuti said the forecast reflects only discoveries that have already been announced, noting that additional exploration success and future project approvals could further expand Suriname’s production outlook.
“From the existing discoveries, we’re expecting the cash flow to turn positive about five years after first production” at the GranMorgu project,” he said. “By the mid-2030s, we see the cash flow sitting around US$6 billion per year, again, from the existing assets.”
“In order for Suriname to completely match the scale, we’re going to need a lot more exploration and final investment decisions, which I think is definitely coming based on the conversations that have been had this week,” Nuti said.
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Beyond oil, S&P also sees further upside from Suriname’s growing gas resources. Nuti said gas discoveries could support a future floating liquefied natural gas (FLNG) development, helping sustain production and cash flow beyond the initial wave of offshore projects.
GranMorgu, being developed by TotalEnergies and APA Corporation in Block 58, is expected to become Suriname’s first offshore oil project, marking the beginning of large-scale offshore production for the country in 2028.
