Suriname is witnessing a surge in investment and exploration within its oil and gas industry, largely influenced by the achievements of neighboring Guyana and key initiatives like GranMorgu. Major companies, including Shell, TotalEnergies, and Petronas, are spearheading exploration activities, which include extensive drilling operations and 3D seismic surveys.
According to Rystad Energy, there is an expectation of considerable capital influx into Suriname’s upstream sector, with the GranMorgu project anticipated to be a pivotal development, incorporating deepwater production and cutting-edge emissions-reduction technologies.
Offshore Oil
The Guyana-Suriname Basin has experienced notable activity in recent years, with Guyana discovering over 13 billion barrels of oil equivalent (boe) in the last decade. As operators in this emerging energy hub continue to explore and harness its resources, attention is increasingly turning to Suriname. Rystad Energy’s analysis predicts that at least 10 wells will be drilled offshore Suriname over the next two years, leading to substantial investment and production growth.
Investment in Suriname’s oil and gas sector has been progressively increasing, with upstream expenditures rising from $348 million in 2020 to $514 million last year. Rystad Energy projects that capital investments in Suriname’s upstream sector could reach $9.5 billion from this year through 2027, primarily fueled by the ongoing development of the TotalEnergies-operated GranMorgu project and upcoming exploration initiatives. A notable project is the Araku Deep-1 well, which is Shell’s first of four planned wells set to commence drilling later this year. A successful discovery at this well could mitigate risks associated with deeper plays and enhance clarity regarding future drilling strategies, representing a significant advantage for Suriname as it seeks to attract foreign investment for upcoming offshore ventures. Staatsolie, the national oil company of Suriname, is also strategically positioned to gain from these developments.
SOURCE: Rystad Energy