Suriname to Auction Deepwater Offshore Oil Blocks Late in 2022

(Reuters) Suriname’s state oil company Staatsolie plans to hold an auction for deepwater offshore blocks at the end of 2022 and another for shallow water blocks in mid-2023, the company’s managing director told Reuters.

The South American nation is a small onshore crude producer that is hoping to begin offshore output but has yet to confirm billions of barrels of estimated oil and gas resources after discoveries by European, Asian, and U.S. companies.

“Specifically, at the end of the year there will be a tender for the deepwater … particularly in the eastern part of the deep offshore,” Annand Jagesar said in an interview with Reuters, conducted last week. “In mid-2023, we will come up with a tender for the shallow water.”

Jagesar said Suriname is still waiting for a final investment decision from TotalEnergies regarding the offshore Block 58, where the French company has been exploring. But he added that TotalEnergies has discovered sufficient crude reserves to make production worthwhile.

“TotalEnergies told us that they now have sufficient reserves,” he said. “As you know, you can only produce if you have sufficient reserves. So actually that’s the most encouraging thing that we’ve heard.”

TotalEnergies, which operates the block in a 50-50 partnership with APA Corp, in February announced a “significant discovery” at the Krabdagu-1 well following discoveries at five other wells in the same block.

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