Suriname accelerates offshore oil exploration with strategic investments

Suriname plans to drill at least 10 offshore wells by 2026, with investments estimated at $9.5 billion, aiming to exploit significant oil reserves and attract foreign capital.

Share:

Suriname, a coastal country in South America, is ramping up efforts to establish itself as a key player in the offshore oil sector. According to an analysis by Rystad Energy, at least 10 wells will be drilled between 2025 and 2026, with cumulative investments reaching $9.5 billion over this period. The surge in exploration is driven by the growing interest of international oil companies in the country’s hydrocarbon potential.

Development of Block 58: A key project

Among the major initiatives is the development of Block 58, operated by TotalEnergies in partnership with APA Corporation. This project, named GranMorgu, received a $10.5 billion investment approval in October 2024 and aims to produce over 700 million barrels of recoverable resources from the Sapakara and Krabdagu fields. Production is scheduled to begin in the first half of 2028, with a capacity of 200,000 barrels per day.

Staatsolie, Suriname’s national oil company, holds a 20% stake in the GranMorgu project. To finance its share, estimated at $2.4 billion, Staatsolie plans to combine loans, internal funds, and bond issuance. This strategic participation could generate approximately $700 million in annual revenue for the company, doubling its size and tripling its turnover to $1.77 billion by 2029.

Intensification of deepwater exploration

Meanwhile, Shell, in collaboration with QatarEnergy, plans to drill the Araku Deep-1 exploration well in Block 65 in the second quarter of 2025, pending environmental approvals. This drilling is part of a broader program including up to four exploration wells, aimed at assessing the country’s deepwater oil potential.

Offshore exploration in Suriname is also benefiting from the involvement of Chevron and Petronas. Petronas is currently conducting a 3D seismic survey on Blocks 52 and 63 to better delineate the potential of its discoveries. These initiatives are enhancing the country’s attractiveness to international investors, strengthening its role in regional energy development.

Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Occidental Petroleum announces a decrease in its production in the Gulf of Mexico in the second quarter, citing third-party constraints, extended maintenance, and scheduling delays.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.
Oil stocks in the United States saw an unexpected rise of 7.1 million barrels as of July 4, defying analyst expectations of a decline, according to the U.S. Energy Information Administration (EIA).
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.