The impressive oil field that will multiply the crude oil production of the ‘new Guyana’ by 20

The impressive oil field that will multiply the crude oil production of the ‘new Guyana’ by 20
The impressive oil field that will multiply the crude oil production of the ‘new Guyana’ by 20

All countries that have recently found oil underground or under the sea without having experience in this industry are clear about who they want to be like. These countries would now sign to be able to follow the path of small Guyana, a country of 800,000 inhabitants that has gone from producing zero barrels in 2019 to 650,000 today. But of all the candidates to be the ‘new Guyana’ there are only two with real potential: Suriname and Namibia. If the objective is to resemble Guyana, between these two, it seems clear that Suriname has an advantage in the short term due to the type of crude oil it extracts, its geography and even its history and culture. This country is a great unknown in the world of oil, but everything indicates that it could soon cease to be so. With only 620,000 inhabitants and an area of ​​163,000 square kilometers, this country has everything to become the ‘new Guyana’.

Little by little, this former colony of the Netherlands begins to appear in the reports of investment banks and international organizations for its untapped hydrocarbon resources, but above all the one called Block 58, an area very rich in oil. that has triggered the country’s economic expectations. The International Energy Agency has mentioned this country up to eight times in its latest report on medium-term crude oil forecasts.

The IEA highlights the potential of this small country and examines the field that was the largest oil discovery in Suriname a few years ago, discoveries that have not materialized due to bureaucratic problems and the fluctuations in the price of crude oil, which overnight they make projects that seemed profitable stop being so. Today, Suriname only produces 10,000 barrels of crude oil per daybut the investments being made in this field could catapult its production 20 times.

The same oil as Guyana

“The most promising block for Suriname’s first marine barrels lies directly east of Guyana. Block 58 is a parcel jointly owned by TotalEnergies and APA Corporation“, and the FID (final investment decision) is expected to be ready by the end of 2024,” the IEA points out. Once the FID is approved, it will be a matter of time before oil begins to gush out of the seabed of Suriname through the use of a giant floating platform (half platform, half ship, called FPSO or Floating, Production, Storage and Offloading) like those used by Guyana to extract its crude oil. can extract around five years after the FID, with an FPSO designed to produce between 180 and 200,000 barrels per day,” the IEA says.

But that is not all. “There are three other promising blocks in the country, with companies in various stages of exploration and evaluation, but even if successful, those volumes would likely materialize in the second half of the next decade. Assuming that Block 58 is finally exploited, Suriname’s production would grow from 10,000 barrels today to 200,000 barrels by the end of the decade,” the IEA states.

All Suriname oil

Although there is no absolute certainty about the amount of extractable oil contained in its waters, there is talk of between 6,500 and 2,500 million barrels of oil. In May, Wood Mackenzie dedicated an entire note to Suriname in which they highlighted the new discoveries in the area and its promising future as a crude oil producer.

Another recent discovery of crude oil in deep waters carried out by Petronas in Suriname has revealed that the area has potential beyond block 58 mentioned by the IEA. Mark OberstoetterAmericas Upstream Director, said: “We understand that the recoverable resources of Roystonea and Fusaea are approaching 400 million barrels of crude oil. This could be sufficient to support the development of an FPSO with a processing capacity of oil of up to 100,000 barrels per day”.

Nine deepwater fields have been discovered in Suriname waters since 2019, but the country is still waiting for the first serious development to get underway. According to Wood Mackenzie, TotalEnergies and APA Corporation are close to approving the commissioning of the FPSO in Block 58. As noted above, Block 52 is east of Block 58, has different owners (Petronas operates 50%, ExxonMobil the fifty%).

Fusaea is the third discovery in the block, after Sloanea and Roystonea. “In addition, APA Corporation, Petronas and Cepsa drilled the Baja discovery in 2022 in Block 53. It is located eight kilometers north of Roystonea and could eventually be part of a broader cluster development,” Oberstoetter continued.

Wood Mackenzie believes that Suriname’s discovered resources total more than 2.4 billion barrels of oil and liquids and more than 12.5 trillion cubic feet of gas. ExxonMobil is a 50% non-operating partner in Fusaea and Block 52 in Suriname, and has a much larger presence in neighboring Guyana.

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