Petronas Confirms New Suriname Discoveries

  • Malaysian state-controlled oil company PETRONAS has recorded two discoveries and a successful appraisal well offshore Suriname, bringing its total successful wells in Block 52 to eight and unlocking more than 1 billion barrels of Oil Equivalent (boe) of recoverable resources. PETRONAS operates Block 52 with an 80% interest, while Staatsolie subsidiary Paradise Oil Company holds the remaining 20%.
  • The company said the latest drilling campaign included the Caiman-1 exploration well, which encountered multiple oil-bearing Cretaceous sandstone intervals after reaching a total depth of 5,065 m in 90 m of water. The Swartzia Aspasia Complex-1 (SAC-1) exploration well, drilled in 610 m of water approximately 8 km east of the Sloanea-1 gas discovery, intersected gas-bearing sandstone reservoirs. Drill stem testing confirmed strong gas deliverability and reservoir quality.
  • PETRONAS also completed the Roystonea-2 appraisal well, located about 7 km north of the Roystonea-1 discovery. The well confirmed the lateral extent of the oil-bearing reservoir, with testing indicating strong oil productivity.
  • The latest results build on the declaration of commerciality for the Sloanea gas field in November 2025. A final investment decision on the development is targeted before the end of 2026. PETRONAS said the discoveries further strengthen the case for multiple oil and gas developments in Block 52, located within the highly prospective Suriname-Guyana Basin.
  • Resource-driven Gross Domestic Product (GDP) in Suriname will get a significant boost with the commencement of new oil production in 2028, with moderate positive spillovers to non-natural resource GDP. According to the International Monetary Fund (IMF), the prospect of offshore oil production in the coming years presents an opportunity to increase growth and reduce poverty while increasing public investment to address infrastructure gaps.
  • The agency expects GDP to jump to as high as 43.5% in the next few years, up from 1.5% in 2025. However, the expected oil boom also poses significant macrofiscal risks if not managed within a robust and credible policy framework

(Sources: World Oil, Upstream Online & IMF)