Reports have surfaced from Yahoo’s Finance Stock Market platform that ExxonMobil and TotalEnergies are engaged in discussions with Suriname’s state-owned oil company, Staatsolie, to explore the development potential of natural gas fields along the maritime borders shared with Guyana.
Notably, ExxonMobil has made significant progress in Guyana—west of Suriname, leading a consortium that has substantially increased the country’s oil production to 650,000 barrels per day. This consortium is now considering the development of gas fields in Guyana to bolster energy revenues through both domestic supply and exports.
In Guyana, ExxonMobil’s consortium has unveiled six projects primarily focused on oil, driven by the discovery of over 11 billion barrels of recoverable resources. An upcoming seventh project may shift towards gas, indicating the potential for expanded gas exploitation in the region. Notably, two of ExxonMobil’s gas-rich findings in Guyana are in close proximity to Suriname’s gas fields, discovered by TotalEnergies and APA Corporation (APA).
The spotlight in Suriname is on Block 58, an offshore site under TotalEnergies and APA Corp’s stewardship, projected to commence oil production by 2028. However, the project is facing financial challenges, with drilling costs having doubled in recent years.
However, despite these hurdles it was noted that Suriname’s gas sector holds promise, especially with the involvement of Petronas and ExxonMobil in Block 52’s exploration efforts. Petronas has hinted at the potential for a liquefied natural gas (LNG) project, supported by favourable fiscal arrangements with Staatsolie.
This initiative is part of Suriname’s broader strategy to attract foreign investment in its burgeoning energy sector, aiming to become a regional gas hub. Collaboration with industry giants like ExxonMobil and TotalEnergies could significantly accelerate Suriname’s journey towards establishing a substantial footprint in the energy market.
The evolving landscape of Suriname’s energy sector has been drawing attention from global players, signaling a competitive and expanding market. In addition, with Suriname’s recent launch of a bidding round, the potential for growth in its oil and gas industry is considerable, positioning the country to emerge as a pivotal energy hub in the region.
