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Market Chatter: Suriname Eyes Parallel Oil, Gas Development as Petronas Explores Block

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Malaysia's state-owned oil and gas producer, Petronas, is exploring Suriname's Block 52, which was declared commercially viable after large discoveries were made in the region late last year, according to a Reuters report.

Annand Jagesar, managing director of Suriname's Staatsolie

said he expects a "declaration of commerciality" for oil in the region in the next 18 months, which could result in the development of offshore oil and gas development for export.

Partners Petronas and Staatsolie are expected to decide later this year on a final investment decision regarding the development, with first gas production targeted for 2030.

The South American nation is also set to inaugurate its $10.5 billion Gran Morgu offshore crude oil project, operated by TotalEnergies (TTE), in 2028.

To encourage more exploration, Suriname has offered an open-door licensing round covering 70,000 square kilometers (27,027 square miles) across five offshore sectors.

That would allow companies to propose work commitments in exchange for production-sharing contracts or joint study agreements aimed at improving geological and seismic data.

Jagesar said that the country expects to secure at least three to four investors in the licensing round to operate in these areas. The licensing offer is set to remain open for at least two years.

Neither Petronas nor Staatsolie immediately responded to' request for a comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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