Suriname begins bidding for oil and gas exploration blocks in shallow waters.

Parents trust in the potential of recent discoveries and the proximity to Guyana.

Suriname's state oil and gas company, Staatsolie, is opening a new opportunity for tenders for oil and gas exploration areas. In this round, 11 offshore areas in shallow waters will be made available to potential bidders.

Expected to last until 2024, the tender will offer data packages from December 18th, with the presentation of proposals scheduled for May 31st of next year.

The blocks in question are located in water depths of up to 150 meters and are located south of discoveries made by other companies in deep waters, such as TotalEnergies e Petronas. In addition to these, ExxonMobil, Chevron, Capricorn Energy, Apache and Shell also have operational assets off the coast of Suriname.

Suriname's potential as an oil producer

O Suriname is a small onshore oil producer, with a daily production of around 16 thousand barrels, but is focused on its offshore discoveries to become a significant producer in the future.

The country shares borders with Guyana, which has had significant successes in exploration and began producing oil in 2019. This location creates a favorable environment for the development of the oil industry in the region.

In September, the TotalEnergies announced plans to invest US$9 billion in an oil production project in Suriname. The discoveries made by the company were highly promising, and the geology of the region presents similarities with the Equatorial Margin Brazil, which is already known for its oil reserves. The oil fields in Suriname are located approximately one thousand kilometers north of Foz do Amazonas, which indicates significant development potential for the area.

A TotalEnergies plans to invest in oil in Suriname, with the final investment decision expected to be made by the end of 2024. The company aims to start oil production in 2028. To this end, it is evaluating the installation of an FPSO (floating platform) 150 km off the coast of Suriname, with a production capacity of 200 thousand barrels per day. A TotalEnergies operates Block 58 in partnership with APA Corporation, where it has a 50% stake.

In August, the assessment of oil discoveries in Sapakara South and Krabdagu, which together have resources estimated at around 700 million barrels, was completed. These discoveries were made in water depths ranging from 100 to 1.000 meters.

A transpetro, a subsidiary of Petrobras, is planning to expand its operations internationally and hopes to begin this process by 2023. The company's president, Sérgio Bacci, revealed in August that the transpetro is close to signing its first international memorandum of intent with Staatsolie. This initiative is part of the objective of seeking opportunities in the Suriname.

Brazil's potential in oil exploration in Guyana

The company's vision is that Brazil should consider opening doors to neighboring Guyana, even after a long border dispute between the two countries. Furthermore, the auction at Guyana it reignites an almost 2-century-old territorial dispute with Venezuela, which brings to light the importance of the region.

The director of the ANP, Décio Oddone, highlighted that both the Guyana as much as Suriname have no prior experience in oil exploration and production, but the Equatorial Margin Brazil presents a geological model similar to the success stories in these countries. This suggests great potential for Brazil in oil exploration in Guyana, according to the ANP.

After discoveries off the coast of Ghana in 2007, the industry began to turn its attention to the region in search of new exploration opportunities. The western area of ​​the African continent has a geological history similar to that of Equatorial Margin South America, which increases the potential for important discoveries.

A TotalEnergies stood out as the company that invested the most in the acquisition of exploratory blocks in the Foz do Amazonas Basin, during the 11th ANP Round in 2011. However, after failed attempts to obtain a license from Ibama, the company gave up exploring the region, demonstrating its challenges and obstacles involved in exploring new oil frontiers.

Source: EPBR Agency