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Parents Trust in the Potential of Recent Discoveries and Proximity to Guyana.
The state-owned oil and gas company of Suriname, Staatsolie, is opening a new opportunity for bids on exploratory oil and gas areas. In this round, 11 offshore areas in shallow waters will be made available to potential bidders.
With an expected duration until 2024, the bidding will offer data packages starting December 18, with the submission of proposals scheduled for up to May 31 of next year.
The blocks in question are located in water depths of up to 150 meters and are situated south of the discoveries made by other companies in deep waters, such as TotalEnergies and Petronas. In addition to these, ExxonMobil, Chevron, Capricorn Energy, Apache, and Shell also have operational assets off the coast of Suriname.
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The Potential of Suriname as an Oil Producer
The Suriname is a small onshore oil producer, with a daily production of around 16,000 barrels, but it is focused on its offshore discoveries to become a significant producer in the future.
The country shares borders with Guyana, which has had significant exploration successes and began producing oil in 2019. This location creates a favorable environment for the development of the oil industry in the region.
In September, TotalEnergies announced plans to invest US$ 9 billion in a oil production project in Suriname. The discoveries made by the company were highly promising, and the region’s geology presents similarities to the Equatorial Margin in Brazil, which is already known for its oil reserves. The oil fields in Suriname are located approximately one thousand kilometers north of the Amazon River Mouth, indicating significant development potential for the area.
TotalEnergies plans to invest in oil in Suriname, with a final investment decision expected by the end of 2024. The company aims to start oil production in 2028. To this end, it is evaluating the installation of a FPSO (floating platform) 150 km off the coast of Suriname, with a production capacity of 200,000 barrels per day. TotalEnergies operates Block 58 in partnership with APA Corporation, where it holds a 50% stake.
In August, the evaluation of the oil discoveries in Sapakara South and Krabdagu was completed, which together have estimated resources of around 700 million barrels. These discoveries were made in water depths ranging from 100 to 1,000 meters.
Transpetro, a subsidiary of Petrobras, is planning to expand its operations internationally and expects to initiate this process by 2023. The company’s president, Sérgio Bacci, revealed in August that Transpetro is close to signing its first international memorandum of understanding with Staatsolie. This initiative is part of the goal of seeking opportunities in Suriname.
The Potential of Brazil 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. Additionally, the auction in Guyana reignites a territorial dispute of nearly 2 centuries with Venezuela, highlighting the importance of the region.
ANP director, Décio Oddone, highlighted that both Guyana and Suriname do not have prior experience in oil exploration and production, but the Brazilian Equatorial Margin presents a geological model similar to the success cases in these countries. This suggests great potential for Brazil in oil exploration in Guyana, according to ANP.
After discoveries off the coast of Ghana in 2007, the industry began to redirect 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 the South American Equatorial Margin, which increases the potential for significant discoveries.
TotalEnergies stood out as the company that invested the most in acquiring exploratory blocks in the Amazon River Mouth Basin during the 11th Round of ANP in 2011. However, after unsuccessful attempts to obtain a license from Ibama, the company withdrew from exploring the area, demonstrating the challenges and obstacles involved in exploring new oil frontiers.
Source: EPBR Agency
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