Staatsolie, the state-owned oil and gas company of Suriname, has confirmed that Chevron Suriname Exploration will begin drilling the Korikori‑1 exploration well this month, marking another significant step in the country’s push to expand its offshore energy portfolio.
According to Staatsolie, the well is located roughly 78 kilometres offshore in the north‑central area of Block 5, situated in the Suriname‑Guyana Basin.
Drilling will take place in approximately 40 metres of water, with the objective of determining the presence of hydrocarbons in the subsurface.
Chevron, which operates Block 5, holds a 40 per cent stake, while Paradise Oil Company (POC) also owns 40 per cent and Qatar Energy holds the remaining 20 per cent.
The National Environmental Authority of Suriname issued Chevron a permit for the drilling operations at the end of July 2025, after a comprehensive environmental and technical review.
The Noble Regina Allen rig, which is scheduled to arrive in Suriname in the first half of October, will carry out the drilling work.
The operation is expected to take around 90 days, encompassing drilling, data acquisition, and initial analyses.
Once completed, Staatsolie said an assessment of the potential quantity and quality of hydrocarbons could be undertaken based on data collected from the well.
Supporting operations will be managed through port facilities in Suriname, which will act as the onshore logistics base.
Personnel transfers to and from the rig will be managed out of the capital, Paramaribo.
Staatsolie noted that this project not only contributes to exploration activity offshore Suriname but also provides opportunities for local businesses to supply goods and services, further stimulating the national economy.
Block 5 spans approximately 2,200 square kilometres and lies in the western portion of Suriname’s shallow offshore domain.
It extends around 45 to 82 kilometres north of the Nickerie district, with water depths generally ranging between 30 and 60 metres.
The Suriname‑Guyana Basin has drawn considerable international interest in recent years following a series of significant oil discoveries made in neighbouring Guyana.
Suriname is now looking to develop its own offshore resources to attract investment and drive new economic growth.
Earlier this year, Reuters reported that Staatsolie sought US$1.5 billion (Sr$53.47 billion) in bank financing for its Gran Morgu energy project, underscoring the company’s broader strategy to advance national energy infrastructure and strengthen the country’s production capacity.
Staatsolie described Chevron’s new drilling program as an “important milestone” for Suriname’s exploration agenda, adding that collaboration with international operators such as Chevron, POC, and Qatar Energy plays a key role in accelerating exploration and building industry expertise.
With drilling operations now imminent, Suriname’s Ministry of Natural Resources stated that it anticipates the results from Korikori‑1 will provide valuable geological insights to help guide future offshore exploration and potential development projects in the basin.