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Suriname is open for business – Staatsolie


By Ndubuisi Micheal Obineme

2020 was a year to remember for Suriname oil and gas industry following the country’s first discovery of hydrocarbons in offshore Block 58, held in a JV between Apache and Total. A game-changing opportunity for the country’s economic recovery and development. Suriname finished the year on a positive note with the fourth offshore discovery by Petronas in a JV with ExxonMobil.

With an estimated resource potential of 13.6 billion barrels (P50), the United States Geological Survey (USGS 2012) ranks the Guiana Basin 2nd in the world for prospectivity among the world’s unexplored basins and 12th for oil among all the world’s basins – explored and unexplored.

In an interview with our correspondent, Annand Jagesar, Acting Managing Director/CEO of Staatsolie has said that the Suriname Energy, Oil, Gas industry is Open for Business, noting that the country has had five significant discoveries over the years.

According to him, the finds are huge, and the exploration success rates are unheard of. Total and Apache are already in the appraisal phase with the target to have the first production in 2025.

He said: “We have three areas of possible interest. Firstly, we have been producing crude oil from our onshore (wetland) fields for around 40 years now.

“Secondly, we are busy in the shallow offshore, where we just closed the bidding round for the western part. This is also going to generate activities from the PSCs that are pending.

“And then lastly, our current crown jewels in the deeper offshore. The operators are very active and especially Total and Apache in Block 58 are executing a 2-rig exploration/appraisal program with a total budget of around USD 800 million. Suriname will be brimming with activities.

“Staatsolie has a professional relationship with the IOCs operating in Suriname. We have often been told by the contractor parties that our professionalism, including transparency, is a huge difference for them compared to other developing countries.

“We will make sure that we present a program which suits the interest of all (potential) stakeholders interested to do business in Suriname and as such contribute to their expansion as well as the development of Suriname’s oil & gas and energy sectors.

“Suriname is open for business. We invite you to team up with us to take advantage of the opportunities as partners and with a strong focus on sustainable development.”

Recently, Staatsolie hosted the official and inaugural Suriname Energy, Oil and Gas virtual under the patronage of the Ministry of Foreign Affairs, International Business and International Cooperation, Government of the Republic of Suriname and the Ministry of Natural Resources, Government of the Republic of Suriname.

SEOGS 2021 brings together an international assembly of government officials, public sector stakeholders and policymakers with IOC’s, NOC‘s, independents, service companies, technology providers and the entire oil, gas and energy value chain.

Staatsolie plays a fundamental role in the development of Suriname’s hydrocarbon potential. The NOC intends to develop renewable and sustainable energy resources, as well as contributing to the local economic development through local content strategies.

Staatsolie is involved in exploration, drilling, production, refining, marketing, sales, and transport of crude and refined products, and the generation of electricity. The company’s core activities are grouped in an Upstream and a Downstream asset, strongly supported by a variety of corporate services.

Staatsolie’s Vision 2030 is geared towards a sustainable energy future for Suriname and making a strong contribution to the advancement of our society. This Vision represents the spirit and energy of Staatsolie’s successful history of development, growth and its distinctive value-based performance culture.

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