Information Americas, PARAMARIBO, Suriname, Fri. Nov. 3, 2023: The Malaysian oil firm Petronas, by its subsidiary Petronas Suriname E&P, has introduced a major oil discovery in Suriname’s Block 52. The invention was made on the Roystonea-1 exploration effectively and marks Petronas’ second profitable discover in Block 52, with the primary discovery at Sloanea-1 in 2020. This constructive growth was additionally confirmed by Suriname’s nationwide oil firm, Staatsolie.
The Roystonea-1 effectively, located roughly 185 kilometers offshore in water depths of 904 meters, was efficiently drilled to a complete depth of 5,315 meters and encountered a number of oil-bearing sandstone reservoir packages. Additional evaluations are underway to find out the complete extent of this discovery and discover its potential growth synergy with the earlier Sloanea-1 discovery made inside the identical block in 2020.
Datuk Adif Zulkifli, Petronas’ Govt Vice President and Chief Govt Officer of Upstream, expressed optimism concerning the Roystonea-1 discovery, emphasizing its alignment with Petronas’ worldwide upstream ventures and its deal with a considerable discovery with minimal contaminants.
Mohd Redhani Abdul Rahman, Vice President of Exploration, highlighted that the success of Roystonea-1 is predicted to drive additional exploration for commercially viable hydrocarbon assets within the surrounding areas. Petronas plans to collaborate intently with the host authority, Staatsolie, and its companions to unlock Suriname’s hydrocarbon potential, making certain protected and profitable future exploration packages.
Block 52, protecting an space of 4,749 sq. kilometers, is positioned north of the coast of Paramaribo, Suriname’s capital metropolis, inside the potential Suriname-Guyana basin. Petronas Suriname E&P serves because the operator of Block 52, holding a 50 % taking part curiosity. The corporate additionally operates Block 48 with one hundred pc taking part curiosity and has a 30 % non-operating taking part curiosity within the adjoining Block 53, the place the Baja-1 oil discovery was made in 2022.
This oil discovery underscores Petronas’ dedication to the event of oil assets offshore Suriname. TotalEnergies and Apache Company are among the many different worldwide oil firms additionally pursuing main oil growth initiatives in Suriname, with substantial recoverable oil reserves estimated in Block 58.
The profitable growth of offshore oil manufacturing is taken into account an important step in lifting Suriname out of its financial challenges. The nation is at present implementing an financial restoration plan with the assist of the Worldwide Financial Fund, and offshore oil is seen as an important part of this restoration effort.