Suriname state-oil firm says Petronas exploration well shows promise

 (Reuters) – Malaysia’s state-owned oil firm Petronas has discovered several oil-bearing layers in an exploration well off the coast of Suriname, state oil firm Staatsolie said in a statement on Thursday.

Suriname’s offshore exploration areas are adjacent to Guyana, home to the largest oil finds in more than decade.

The Roystonea-1 well is part of Suriname’s Block 52 exploration area, Staatsolie said, where a Petronas-Exxon joint venture in 2020 found natural gas in the same block. The venture has not disclosed plans to commercialize that find.

Most findings in Guyana have been at Exxon Mobil’s (XOM.N) prolific Stabroek block, where oil production was inaugurated in 2019. The 6.6 million acre (26,000 square km) block is expected to generate up to 1.2 million barrels of oil and gas per day by 2027.

Suriname has allocated offshore areas to explorers including TotalEnergies (TTEF.PA), APA (APA.O), Shell(SHEL.L), Petronas, Chevron CVX.N> and Exxon.

TotalEnergies is evaluating a $9 billion investment in Suriname’s most promising offshore area, the French company said in September.