The Guyana-Suriname Basin, a hotbed of oil exploration activity in recent years, is seeing a shift in focus towards Suriname as the country’s offshore potential gains increasing attention from major oil companies.
With Guyana having unearthed over 13 billion barrels of oil equivalent (boe) in the past decade, Suriname is now poised to make its mark in the region’s energy landscape.
Rystad Energy forecasts at least 10 wells will be drilled offshore Suriname in 2025 and 2026 combined, driving significant investment and production.
Capital investments in Suriname’s upstream sector are projected to reach US$9.5 billion between 2025 and 2027, largely driven by the development of the TotalEnergies-operated GranMorgu project and planned exploration campaigns.
A key development to watch is the Araku Deep-1 well, Shell’s first of four wells set to begin drilling operations later this year.
A discovery at this well could de-risk deeper plays and provide better clarity around future drilling plans, potentially attracting more foreign investment to fund future offshore projects.
Staatsolie, Suriname’s national oil company, holds a 20 per cent stake in the Araku Deep-1 well development.
Shell, TotalEnergies, and Chevron are leading exploration efforts in Suriname, aiming to increase the country’s total recoverable resources, which currently stand at 2.2 billion boe.
This ranks Suriname second among emerging exploration areas, only behind Namibia.
The GranMorgu project, which includes the Sapakara South and Krabdagu fields, is estimated to recover around 700 million boe.
Set to come online in 2028, it will mark Suriname’s first deepwater offshore oil production.
The project will utilise a floating production, storage and offloading (FPSO) vessel with an oil production capacity of up to 220,000 barrels per day, two million barrels of crude storage, and a gas treatment capacity of up to 500 million cubic feet per day.
Petronas, the Malaysian state oil and gas company, is also active in Suriname’s upstream exploration.
The company is currently conducting a 3D seismic survey in Blocks 63 and 52, covering an area of 6,042 square kilometres.
Petronas is focused on developing its discoveries in Block 52, where recoverable resources are estimated to exceed 500 million boe.
As Suriname’s oil exploration gains momentum, the country is well-positioned to benefit from the geological similarities with Guyana and the proven exploration success in the region.
With major oil companies investing heavily and new projects on the horizon, Suriname is emerging as a significant player in the Guyana-Suriname Basin’s thriving oil industry.
