President Jennifer Geerlings-Simons said in an interview she wants to find a way to push back debt payments until after the administration receives revenue from oil production in 2028, which may involve calling back the existing 2033 bond. She’s also considering a new program with the International Monetary Fund that would focus on strengthening institutions rather than austerity measures that she said harmed the economy in the past.
In July 2024 Norway’s majority state-owned Equinor and Texas-based ExxonMobil withdrew from the production sharing contract they signed July 2017 with New York City-based Hess. After 2D and 3D research that involved 6,000 kilometers (3,728.23 miles) and 9,000 square kilometers (3,474.92 square miles) respectively, ExxonMobil and Equinor deemed the risk for drilling an exploration well too high and transferred their stakes to Hess, according to Staatsolie Maatschappij Suriname NV.
TotalEnergies has agreed to acquire the 25 % interest held by Moeve (formerly CEPSA) in Block 53 offshore Suriname, expanding its position in a basin the company already operates.
“This contract reinforces SBM Offshore’s long-term strategic partnership with TotalEnergies and marks a significant milestone as SBM Offshore becomes the first FPSO operator in Suriname,” SBM stated in a news release on Thursday. “It is a testimony to SBM Offshore’s focus on excellence throughout the entire project’s lifecycle, from the allocation of our eighth Fast4Ward® MPF hull to our extensive experience in asset management supporting TotalEnergies’ operations.”
The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas’ existing operations in Suriname.
The Guyana-Suriname Basin has seen significant activity in recent years, with Guyana alone unearthing more than 13 billion barrels of oil equivalent (boe) of discovered volumes in the past decade. As operators in the burgeoning energy powerhouse continue to explore and develop its resources, the focus on its coastal neighbor, Suriname, is growing.
The Stena Drillmax will be deployed to Suriname in Q2 of this year under a 1x well programme. The contract includes the possibility of extension to an additional three wells in Suriname.
Effective November 14, 2024, ExxonMobil transferred its 50% working interest in the block to Malaysian oil and gas company Petronas, which is the block’s operator. With the transfer, Petronas Suriname E&P comes to hold a 100% working interest in Block 52.
After years of speculation surrounding the former Dutch colony’s petroleum potential, with discoveries in neighboring offshore Guyana pointing to the deeply impoverished country possessing billions of barrels of crude, the first oil recently took a big step closer.
The project will cover 6,000 square kilometres. The location of the survey was not specified.
Shearwater’s Amazon Warrior seismic vessel has been allocated to the three-month project, commencing in Q4 2024.