Next week, I will be moderating a webinar discussion entitled "The State of Exploration: Mid-Year Update and Outlook" with experts from Westwood and Talos Energy. Featured speakers include Jamie Collard, senior exploration manager at Westwood, Bill Langin, executive vice president of exploration and development at Talos Energy, and Graeme Bagley, head of global exploration and appraisal at Westwood.
The dialogue is sure to prove insightful, uncovering where exploration stands amid a mix of shifting investment priorities, evolving technologies, and changing access to new acreage. You can register to join us free here.
For now, let's take a look at a recent development in Suriname. I also cover key takeaways from the 75th Edition of the Statistical Review of World Energy. AAPG members can read it below. Not a member yet? Become one here.
Key Takeaways from the Energy Institute’s 75th Edition of the Statistical Review of World Energy
Data insights from across the global energy sector for 2025.
Petronas Finds More than 1 billion BOE in Suriname
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Malaysian national oil company Petronas has discovered more than 1 billion barrels of oil equivalent of resources in Block 52 in Suriname. Three recent exploration wells continued a 100-percent drilling success rate for Petronas in this emerging South American country. Petronas plans to take FID in 2026 for an FLNG project to first monetize gas discoveries.
Latest drilling results:
Petronas recently drilled three successful exploration wells—two wildcats and one appraisal.
The Caiman-1 wildcat found multiple oil-bearing Cretaceous sandstone reservoirs. The well was drilled from a 90-meter water depth and reached a total depth of 5,065 meters.
The SAC-1 wildcat found gas in sandstone reservoirs. The well is located eight kilometers east of the original gas discovery, Sloanea-1. It was drilled at a 610-meter water depth to a total depth of 4,560 meters. Drilling tests showed strong gas deliverability.
Appraisal well Roystonea-2 confirmed lateral extension of oil-bearing reservoirs, while testing showed strong oil productivity.
Petronas has drilled a total of eight exploration wells in Block 52, encountering oil or gas in all of them.
Petronas holds 80 percent equity in Block 52, with state company Staatsolie holding 20 percent.
Petronas will take FID for the Sloanea-1 gas field through FLNG.
In addition to Block 52, Petronas holds equity in seven other offshore Suriname blocks (9, 10, 48, 53, 63, 64, and 66).
Suriname will become the newest oil-producing country.
TotalEnergies is the operator (40 percent) for the $12 billion GranMorgu project, with partners APA (40 percent) and Staatsolie (20 percent).
The GranMorgu field is estimated to contain 760 million barrels of oil equivalent of recoverable reserves. The FPSO has a capacity to produce 220,000 barrels of oil and 500 million cubic meters of gas per day.
TotalEnergies farmed into 50 percent of the block in 2019, while original operator Apache was drilling the Maka-1 exploration well, which turned out to be the breakthrough oil discovery in Suriname.
TotalEnergies took over the development and production operatorship and renamed the project GranMorgu (meaning “new morning”).
TotalEnergies and partners took FID for the project in 2024, at which point Staatsolie exercised its option to obtain 20 percent equity in the project, 10 percent from TotalEnergies and 10 percent from APA.
What they’re saying:
“Eight successful wells in Suriname—with recoverable resources of more than 1 billion barrels of oil equivalent unlocked—reflect the strength of our technical capabilities, disciplined execution, and strong partnership in Suriname,” said Mohd Jukris Abdul Wahab, Petronas Chief Operating Officer.
“Block 52 sits within a highly prospective corridor, the Golden Lane, and we remain focused on translating this resource base into long-term value for Suriname and for Petronas,” added Jukris Abdul Wahab.
The big picture:
According to the latest annual energy statistics review, the Americas now produce more oil than OPEC.
Investing in Suriname oil and gas is part of the ongoing “investing in the Americas” wave, as European and Asian investors seek growth opportunities from Alaska to Argentina.
Suriname will follow in the footsteps of its western neighbor, Guyana, to become the world’s latest oil and gas producer.
Petronas is a shining example of an NOC.
Many national oil companies, especially those from Asia, have ventured overseas as their domestic oil and gas resources cannot meet their energy needs.
Many NOCs tend to be minority, non-operating partners for majors, especially in the deepwater arena, to ride with the technology leadership of the IOCs.
With its success in Suriname, Petronas is the only NOC—so far—to have delivered strong exploration success in its operated deepwater exploration campaign outside of its base country.
Petronas is also among global LNG leaders, with its first operated FLNG project in Malaysia.
What to watch:
Will Petronas hold on to all of its 80 percent equity or invite another co-investor for the development and production phase?
If Petronas can turn exploration success into an operated overseas oil and gas production base, it will be another milestone for the Asian NOC.
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