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Petronas Strikes Significant Oil Reservoir in Suriname’s Block 52

Major Oil Discovery Off Suriname’s Coast Boosts Energy Prospects

Petronas Strikes Significant Oil Reservoir in Suriname’s Block 52

Off the coast of Suriname, another commercial oil discovery has been made. According to well-informed sources, Malaysian company Petronas has struck a significant oil reservoir in Block 52. The exact size of the discovery remains unclear as Petronas is still conducting further investigations to determine its magnitude. It is rumored that the company may officially announce the discovery later on Wednesday.

Meanwhile, President Chandrikapersad Santokhi has been informed about the finding. However, officials at Staatsolie, the state-owned oil company, remain tight-lipped, adhering to the practice that the oil company making the discovery should be the first to publicly announce the news.

Previously, large oil reserves were found in Block 58 by Apache Corporation. TotalEnergies, a co-concessionaire in this block, has initiated the process to bring the discovered reserves into production starting from late 2028.

Positive Results

In December 2020, Petronas announced the discovery of a substantial hydrocarbon reserve in Block 52 during exploratory drilling at the Sloanea 1 exploration well. “We are pleased with the positive results from the well. It will encourage Petronas to continue exploring Suriname, one of our focus areas in the Americas,” said Emeliana Rice-Oxley, Vice President Exploration, Upstream at Petronas in December 2020.

She continued, “We look forward to further successful collaboration with our partner ExxonMobil and strengthening our relationship with the government of the Republic of Suriname as a solution partner to make progress towards delivering clean and reliable energy to the market.”

Natural Gas

Further research revealed that a vast amount of gas and a lesser quantity of recoverable oil were discovered at Sloanea 1. In its 2022 annual report, Staatsolie announced that the Sloanea 1 discovery holds “promising” potential to become a natural gas development. It was indicated that the discoveries made in the Guyana/Suriname basin point to significant volumes of both associated and non-associated gas.

Staatsolie expressed confidence that natural gas will play an increasingly vital role in transitioning from oil to cleaner energy sources, both for Suriname and the world. Block 52 covers an area of 4,749 square kilometers, with Petronas holding a 50% stake and ExxonMobil owning the remaining 50%. Petronas also has a 100% participation and operatorship in Block 48 and a 30% stake in Block 53.

Source: https://dwtonline.com/eerste-commerciele-olievondst-in-blok-52/

Date: 1 november 2023

Categories:   

Tags:  Apache Corporation, Block 52, Block 58, ExxonMobil, Petronas, President Chandrikapersad Santokhi, Sloanea 1, TotalEnergies 

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