Suriname and Petronas unveil oil exploration plan

Paramaribo, Suriname – A delegation from the Malaysian energy multinational Petronas, held discussions here with the Surinamese government and unveiled its plans about a possible oil project in Block 52 off the Surinamese coast.

Petronas says it wants to carry out two more exploration drillings before a final investment decision (FID) is made.

Last week, the company announced that it had made a second significant oil discovery following the drilling of the Roystonea-1 exploration in Block 52. In the same block, a significant amount of natural gas had also been discovered with the Sloanea-1 discovery.

During a meeting with President Chandrikapersad Santokhi in the presence of Annand Jagesar, CEO of state-owned company Staatsolie, Petronas executives gave a presentation to the head of state about the recent oil discoveries in the country’s maritime area.

Petronas’ Chief Operating Officer (COO), Adnan Zainal Abidin, highlighted the capabilities the oil giant offers, both as an independent company and Malaysia’s national oil company. In addition, the favorable results of the discoveries and explorations in Suriname were presented, both for the oil and gas sectors.

“We are considering conducting at least two more drillings next year to collect more data for our field plans and to conduct detailed studies that can hopefully lead to a final investment decision,” the COO stated. Petronas is also considering the possibility of producing liquefied natural gas from floating facilities.

Staatsolie’s CEO Jagesar has welcomed the cooperation, but emphasized that new negotiations are necessary due to the gas discoveries.

Staatsolie, which enters into oil and gas contracts with foreign companies on behalf of the Surinamese government, has no agreements with foreign companies regarding the production of gas. Unlike oil production, gas processing requires a costly process because the gas must be liquefied for export. “With gas discoveries, the conditions are discussed again with the partner, and we are doing that now,” Jagesar said. (CMC)

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