Suriname’s world-class discoveries expected to be developed in shortest time possible: like Guyana’s Liza – Staatsolie MD

Must Read

Saipem Guyana operations supported by 80 percent local workforce – Managing Director

Since starting operations in Guyana in May 2018, Italian multinational oilfield services company Saipem has established a...

E&P companies took up combined debt of $72 billion in Q2 2020 – EIA analysis

The United States Energy Information Administration (EIA) said its latest analysis has found that debt levels among...

Costly effects of pandemic make Paris Agreement 2050 targets unlikely – Wood Mackenzie

In light of the fact that nearly US$20 trillion or 25% of global Gross Domestic Product (GDP),...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Suriname state oil company Staatsolie would like to see the country’s deepwater discoveries move to development in the shortest time possible, similar to the Liza discovery in Guyana which operator ExxonMobil was able to move to first oil in just under 5 years.

Apache, operator at Suriname’s Block 58, and JV partner Total, have made three consecutive discoveries offshore the South American country – Maka Central-1, Sapakara West-1 and Kwaskwasi-1, which is the largest oil strike to date, with meters of net hydrocarbon pay 2.3x and 3.5x that of Maka and Sapakara.

When asked by OilNOW what timelines are being considered for first oil, Agnes Moensi-Sokowikromo, Staatsolie’s Finance Director currently acting in the capacity of Managing Director, said, “We still have to start with appraisal operations. Although one of the fastest in the world, we expect a similar development as with the Liza discovery in Guyana. Five years after the discovery Guyana started production.”

Following the world-class Liza discovery at Guyana’s Stabroek Block in 2015, ExxonMobil and co-venturers Hess and CNOOC were able to rapidly move the project to development, achieving first oil in December 2019.  The Liza Phase 1 development is recognised as one of the fastest production start-ups in the industry’s history, bringing early revenue to the co-venturers and people of Guyana.

“While we have a lot more work to do, a discovery of this quality and magnitude merits a pace of evaluation that enables the option of accelerated first production,” John J. Christmann, Apache’s CEO and President, said at the time the Kwaskwasi-1 discovery was announced.

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

Kwaskwasi-1 encountered at least 278 meters of net oil and volatile oil/gas condensate pay across two intervals – Campanian – 63 meters of net oil pay and 86 meters of net volatile oil/gas condensate pay, and Santonian – 129 meters of net hydrocarbon pay. Apache reported API gravities in the Campanian between 34 and 43 degrees, while still collecting data in the Santonian.

- Advertisement -

Latest News

Saipem Guyana operations supported by 80 percent local workforce – Managing Director

Since starting operations in Guyana in May 2018, Italian multinational oilfield services company Saipem has established a...

E&P companies took up combined debt of $72 billion in Q2 2020 – EIA analysis

The United States Energy Information Administration (EIA) said its latest analysis has found that debt levels among Exploration and Production (E&P) companies...

Costly effects of pandemic make Paris Agreement 2050 targets unlikely – Wood Mackenzie

In light of the fact that nearly US$20 trillion or 25% of global Gross Domestic Product (GDP), is earmarked for responding to...

ExxonMobil empowering Guyanese women through global training programme

Several Guyanese women who have participated in the Global Women in Management (GWIM) training programme, funded by the ExxonMobil Foundation, have taken...

Exxon shortlists bidders for multi-billion dollar assets sale in Malaysia

(Bloomberg) --Exxon Mobil has narrowed the list of bidders for its oil-producing offshore assets in Malaysia that could potentially raise $2 billion...

More Articles Like This