• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 14 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 12 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Uncertainty Drives Investors to Oil Stocks

Uncertainty Drives Investors to Oil Stocks

The reason that investors have…

Record Surge in Global Coal Capacity Led by China

Record Surge in Global Coal Capacity Led by China

China’s massive annual additions of…

Exxon, Petronas Set to Extend Exploration Offshore Suriname

Exxon and Malaysia’s state-run Petronas will extend exploration for a gas discovery off the coast of Suriname, the country’s national oil company, Staatsolie, said on Monday. 

Eyeing a repeat of the huge oil and gas success in the same basin offshore Guyana, explorers in Suriname are also reportedly considering a floating LNG project. 

Exploration in Suriname has not been as successful, so far, as Guyana. Exxon and Petronas made a gas discovery in 2020 in Block 52 that was considered commercially unattractive, while discoveries have been made in Block 58 by French TotalEnergies and Apache Corporation.  

The exploration extension is for Block 52’s Sloanea-1 discovery, Reuters reports, which could make a commercial gas discovery in the block feasible for development. 

Presently, Petronas and Exxon are planning to drill the Sloanea-2 appraisal well. If that well proves commercially viable, first production would commence around 2031 at the earliest. 

"A key component of feasibility is the guarantee of a tax-free period of 10 years from the start of production. This is also stipulated in the letter of agreement, with government approval," Reuters quoted Staatsolie as saying in a statement. 

Exxon and Petronas signed a production sharing contract with Suriname in 2013, covering BLock 52. Petronas also has PSCs with Staatsolie for Blocks 63 and 64.  

The deal, signed on Monday by Petronas, Exxon and Staatsolie executives, serves as the basis for further negotiations for a gas addendum to the production sharing contract they signed in 2013 for Block 52.

ADVERTISEMENT

TotalEnergies and Apache have made five high-quality oil discoveries offshore Suriname, in Block 58, since 2020. The most recent discovery was the Krabdagu wildcat, completed in February 2022, while the most recent exploration well drilled, which came up dry, was in November that same year.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News