With a string of discoveries, ongoing exploration, and multiple targets yet to be drilled, Suriname is on the verge of becoming an offshore oil producer. State oil company, Staatsolie, says it hopes to see several objectives being achieved as the country moves closer to joining Guyana as the newest deepwater oil producer in the region.
Agnes Moensi-Sokowikromo, Staatsolie’s Finance Director, recently told OilNOW the announcement of the third discovery in a row at Block 58 gives the country hope for a bright future.
“Suriname, government, business and civil society, should accelerate discussions to ensure Suriname’s current and future generations derive maximum benefits, and continue preparations to ensure that we optimize our share in the sustainable development of our offshore oil industry,” she said, speaking at the time in the capacity of Acting Managing Director.
Like neighbouring Guyana, Suriname is expected to attract a growing number of investors looking to tap into the increasing oil and gas opportunities.
“We have Staatsolie operating almost 40 years onshore, we have twelve PSCs offshore and two PSCs onshore Suriname,” Moensi-Sokowikromo said, in reference to the already favourbale investment environment in the country.
The Acting Managing Director outlined several key objectives Staatsolie would like to see in place as the country moves towards offshore oil production. These include:
- Defining a Local Content strategy based on the industrial baseline study conducted in 2018
- Stimulate construction of a supply base for the offshore industry; most local content opportunities during the CAPEX and OPEX phase are driven by onshore support activities
- Make the local business visible through the supplier’s portal and assist in preparing the local business society (awareness, training, certification, stimulate local, regional and international partnerships)
- Help build capacity (Government authorities, institutions)
- Support all initiatives to educate the workforce for the future
- Dredging of the Suriname river
- Accelerated recovery of the Suriname economy and with that the credit rating to enable entering the international capital market for funding the country’s share in development and production of petroleum resources
To date, three major discoveries have been made offshore Suriname, all at the Apache-operated Block 58. US multinational investment bank and financial services company Morgan Stanley says its modelling of the block shows that it contains a potential 6.5 billion barrels of oil equivalent resources which can be developed across seven phases, with first oil targeted for 2026.