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Sunday, February 28, 2021

Suriname discovery contains 300 million barrels of oil, over 1 trillion cubic feet of gas – WoodMac

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UK-based global energy consultancy group Wood Mackenzie says based on its estimate the discovery announced last week off the coast of Suriname could contain hundreds of millions of barrels of oil and over a trillion cubic feet of gas, making it a significant find that could place the South American country next in line for an oil boom.

WoodMac’s Luiz Hayum and colleagues estimate that the first discovery at Maka Central-1 contains 300 million barrels of oil, 150 million barrels of condensate and 1.4 trillion cubic feet of gas, the consultancy group said in a recent report.

This follows ExxonMobil’s discovery of more than 6 billion barrels of oil equivalent off the coast of Guyana since 2015, which WoodMac says has been the most significant exploration success of the past five years. The ExxonMobil-led consortium developing the Stabroek block also started production from its first wells there in December and is on course for its target of producing 750,000 barrels per day by 2025.

WoodMac says Suriname may well be on its way to follow Guyana into an oil boom with the Maka Central discovery, noting that there remains potential for further finds in the same block.

“We are very pleased with results from Maka Central-1. The well proves a working hydrocarbon system in the first two play types within Block 58 and confirms our geologic model with oil and condensate in shallower zones and oil in deeper zones,” John J. Christmann, Apache CEO and President said last week.

The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest.

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