Suriname's Offshore Oil Exploration: A New Frontier for Investment

The Guyana-Suriname Basin has emerged as a hotspot for oil exploration, with Guyana leading the way in recent years. However, its coastal neighbor, Suriname, is increasingly gaining attention as a prime target for investment in the offshore oil and gas sector. With significant exploration activity and major discoveries, Suriname's upstream potential is poised for major growth.

Suriname's oil production has been steadily increasing, with current output at around 17,000 barrels per day (bpd). The country's oil reserves stand at approximately 124 million barrels, with significant potential for further growth. The GranMorgu project, led by TotalEnergies, is expected to come online in 2028, with an estimated recoverable volume of around 700 million barrels of oil equivalent (boe). This project alone has the potential to more than double Suriname's current oil production capacity.

The similarities in petroleum systems between Suriname and Guyana are expected to play a key role in driving significant exploration activity in the region. Major oil companies, such as Shell, TotalEnergies, and Chevron, are leading exploration efforts in Suriname, aiming to increase the country's total resources. Staatsolie, Suriname's national oil company, is well-positioned to benefit from these developments, holding a 20% stake in the Araku Deep-1 well and actively courting foreign investment.

Rystad Energy forecasts at least 10 wells will be drilled offshore Suriname this year and next combined, driving significant investment and production. Capital investments in Suriname's upstream sector are expected to reach $9.5 billion between 2023 and 2027, driven largely by the ongoing development of the TotalEnergies-operated GranMorgu project and planned exploration campaigns.

Suriname's upstream potential will be unlocked through both deepwater and shallow-water exploration. The GranMorgu project, which includes the Sapakara South and Krabdagu fields, is estimated to recover around 700 million boe. This project is expected to mark Suriname's first deepwater offshore oil production, utilizing a floating production, storage, and offloading (FPSO) vessel with an oil production capacity of up to 220,000 barrels per day. The FPSO will also feature 2 million barrels of crude storage and a gas treatment capacity of up to 500 million cubic feet per day.



In conclusion, Suriname's offshore oil exploration sector is poised for major growth, with significant investment opportunities for both local and international players. The country's geological similarities with Guyana, proven exploration success, and active courting of foreign investment create a favorable environment for exploration and production. With major projects like the GranMorgu project on the horizon and a supportive regulatory environment, Suriname is well-positioned to become a key player in the global oil and gas market.