Malaysia’s national oil and gas company has expanded its footprint in Suriname with the signing of a production sharing contract (PSC) for a deepwater block next to several discoveries.
Petroliam Nasional Bhd.’s (Petronas) new license area, Block 66, spans about 3,390 square kilometers (1,308.89 square miles). It is adjacent to Block 52, which contains the Fusaea, Roystonea and Sloanea discoveries.
“Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area”, Petronas said in a press release.
“The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with PETRONAS’ existing operations in Suriname”.
Petronas, through PETRONAS Suriname E&P BV, operates Block 66 with an 80 percent stake. Paradise Oil Co. NV, a subsidiary of Suriname’s state-owned Staatsolie Maatschappij Suriname NV, owns 20 percent.
“With the signing of the [Block 66] PSC, approximately fifty percent of Suriname’s offshore area is now under contract”, Staatsolie said separately.
Petronas vice president for international upstream assets Mohd Redhani Abdul Rahman said, “This acquisition marks a pivotal step in PETRONAS’ expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation”.
Petronas now has six blocks in the South American country: 48, 52, 53, 63, 64 and 66. It has made four oil and gas discoveries, all in Block 52: Sloanea-1 in 2020, Roystonea-1 in 2023 and Fusaea-1 and Sloanea-2 in 2024. Block 52 spans over 4,500 square kilometers north of Paramaribo’s coast.
The discoveries are “undergoing intensive evaluation”, Staatsolie said in its statement.
Exxon Mobil Corp. exited the block last year with the sale of its 50 percent stake to Petronas, now the sole owner.
In March 2024, Staatsolie and the Block 52 partners agreed to further explore the Sloanea area for potential gas production, leading to the Sloanea-2 discovery.
“The LoA [letter of agreement] is necessary for further exploration of the gas discovery made in 2020 with the Sloanea-1 exploration well in Block 52”, Staatsolie said in a press release then. The discovery “involved a small quantity that was initially seen as commercially unattractive to develop into a production field”, Staatsolie said.
“This LoA is an agreement that broadly sets out the agreements, principles and conditions to further investigate and increase the feasibility of the development of a commercial gas field in Block 52”, Staatsolie said.
“An important part of the feasibility is the guarantee of a tax-free period of ten years from the start of production”, which has been granted in the LOA with the government’s approval, Staatsolie added.
The LOA serves as a basis for further talks for a “gas addendum” to the PSC for Block 52, signed April 2013, Staatsolie said.
Petronas plans to start gas production 2031 if Sloanea 2 proves to be a commercial success. An associated floating liquefied natural gas facility could also be constructed, Staatsolie said.
To contact the author, email jov.onsat@rigzone.com
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