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Petronas discovery in Suriname approaches 400 million bbl

Petronas Suriname made a third hydrocarbon discovery in Block 52 at the Fusaea-1 exploration well in Suriname’s Block 52, located about 170 km offshore and 9 km east from Roystonea-1. Wood Mackenzie has reported that Roystonea and Fusaea’s recoverable resources are approaching 400 million barrels. “This could be enough to support an FPSO with an oil-processing capacity of up to 100,000 bbl/day FPSO development,” said Mark Oberstoetter, Head of Americas Upstream for Wood Mackenzie.

The well was spudded in February 2024 and drilled to a total depth of 5,227 m without any LTIs, encountering several oil and gas-bearing Campanian sandstone reservoir packages. Further evaluation is being undertaken to determine the full extent of this discovery and its potential for an integrated development with the recent Roystonea-1 and Sloanea-1 discoveries.

“The favorable results attained from the Fusaea-1 exploration well have solidified Petronas’ standing in Suriname for material hydrocarbon resource, following the Sloanea-1 and Roystonea-1 discoveries,” said Petronas Executive Vice President and CEO of Upstream, Datuk Adif Zulkifli.

Petronas Vice President of Exploration, Mohd Redhani Abdul Rahman added: “The success of Fusaea-1 is a testament to the advancements in our geological comprehension of this region, bolstered by recent breakthrough in Roystonea-1 and Sloanea-1. These discoveries have significantly expanded the prospectivity and integrated oil and gas development potential within Block 52. In pursuit of sustainable and high-value material resource, PETRONAS remains committed in its exploration activities in selected focus regions as part of its portfolio rationalization efforts.”

Block 52, which covers an area of 4,749 sq km, is located north of the coast of Paramaribo, Suriname’s capital city, within the prospective Suriname-Guyana basin. PETRONAS Suriname is the operator of Block 52 with a 50% participating interest together with ExxonMobil.

In addition to Block 52, Petronas Suriname operates Block 48 and Block 63 with 100% participating interest and 30% non-operating interest in Block 64.

Nine deepwater fields have been discovered in Suriname waters since 2019, but the country still awaits its first sanctioned development. According to Wood Mackenzie, TotalEnergies and APA Corp are close to sanctioning a cluster FPSO development on Block 58. Fusaea is the third discovery in Block 58, following Sloanea and Roystonea. 

“In addition, APA Corp, Petronas and CEPSA drilled the 2022 Baja discovery in Block 53. This is 8 km north of Roystonea and could eventually be part of a wider cluster development,” Mr Oberstoetter said.    

Petronas has already secured tax relief if it develops gas on the block. The 2020 Sloanea discovery is now being appraised with a second well. 

“Gas resources there of 2 tcf could anchor a floating LNG development in the early 2030s. Also, the Fusaea well had more associated gas than expected and could add resources to support future gas development,” said Luiz Hayum, Principal Upstream Research Analyst Latin America Upstream at Wood Mackenzie.

Wood Mackenzie now holds Suriname’s discovered resources at more than 2.4 billion bbl of oil and liquids and more than 12.5 tcf of gas.

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