Block 52 off the coast of Suriname is showing some promise with discoveries made by Malayasian operator, Petronas. So much so that the company is mulling what could be Suriname’s first standalone gas development.
Petronas already hinted at a floating liquid natural gas (FLNG) project. FLNG involves extracting gas from a floating production platform, liquefying it, and storing it for transport in gas tankers.
Three significant discoveries were made at Block 52.
The latest discovery was made on May 15 at the Fusaea-1 well, located 170 kilometers from the Roystonea-1 well. The two combined hold some 400 million barrels of oil, according to Wood Mackenzie. There is also the Sloanea-1 discovery. Petronas spudded the Sloanea-2 appraisal well in April. The results of this will determine the feasibility of a commercial gas field, according to Petronas.
Rystad Energy is already projecting a 2031 start up.
And on Petronas’ side is the Letter of Agreement (LoA) it signed with Suriname’s state oil company Staatsolie to push gas development. With it, comes a 10-year tax break and a framework for gas reserve development in Block 52. It allows for negotiations and includes provisions for a gas addendum to the existing contract Petronas has with Suriname.
Block 52, covering an area of 4,749 square kilometers, is located north of the coast of Paramaribo, Suriname’s capital city, in the Guyana-Suriname basin.
ExxonMobil’s unprecedented success on the Guyana side of the basin has also been playing a pivotal role in the exploration activities offshore Suriname. The company has so far found over 11 billion oil equivalent barrels at the Stabroek Block and is now producing over 600,000 barrels of oil per day.
