2024 has been confirmed as the timeline for Suriname’s Block 58 Final Investment Decision (FID) signaling a potential start to offshore oil production in the South American country.
That timeline was confirmed to OilNOW by Managing Director of Staatsolie – Suriname’s state oil firm – Annand Jagesar, who said operator, TotalEnergies, is forging ahead with plans.
“This is the first time they have indicated FID,” he told OilNOW. “An FID is only possible with enough reserves. It is the first time we are in [a] position to have enough commercially viable resources (reserves). We have more resources on top of the above-mentioned, but we have to come up with concepts that will make them commercially viable.”
Suriname is looking to mirror Guyana’s Stabroek Block success where ExxonMobil has so far found over 11 billion barrels of oil equivalent resources since 2015 and is producing around 400,000 barrels of oil per day.
An FID for Block 58 has been on the radar since TotalEnergies and partner APA Corp. racked up five major discoveries there, since 2020.
The company has been getting the resource count right before coming out with an FID, after facing a few hiccups. It had encountered issues with understanding the reservoirs discovered and a mismatch between the seismic data and the results of the delineation wells.
Just recently, the Block 58 partners found more oil at the Krabdagu-3 well. They are now focused on completing the Krabdagu appraisal program and scoping an oil hub project to develop the combined Sapakara and Krabdagu resource.
Now, the company seems ready to deliver its FID, putting Suriname on a path to offshore oil development.
The Suriname side of the Basin is said to hold some 30 billion oil-equivalent barrels, according to Staatsolie seismic data.