Petronas to drill four new wells offshore Suriname

Malaysia's national oil company, Petronas, announced plans to drill four new oil wells in Suriname, state-owned Communications Service Suriname reported, signalling expanded investment in the South American nation's emerging energy sector.

Currently, Petronas operates in eight blocks off Suriname's coast and expects the new drilling to lead to further production developments later this year.

President Geerlings-Simons expressed particular interest in Petronas' gas developments, especially following a recent discovery in Block 52.

In July, Petronas voiced its intention to drill the Caiman-1 in Block 52, targeting the shallower section of the prolific "Golden Lane" in a move that could significantly expand exploration opportunities in the Guyana-Suriname Basin.

"Petronas is an important partner for Suriname, and we want to learn from its expertise, particularly in the field of renewable energy and the energy transition," Gas and Environment Minister Patrick Brunings said, according to the Trinidad & Tobago Guardian, emphasising the ministry's supporting role in the Staatsolie-Petronas collaboration.

Staatsolie Director Annand Jagesar highlighted the strategic importance of the partnership, noting that "oil production at Granmorgu alone offers enormous potential for poverty reduction and economic growth." He claimed that with additional gas and oil developments, "Suriname can become a prosperous country, provided these developments are managed carefully and responsibly."

This expansion underscores Suriname's growing prominence in regional energy markets, particularly as neighbouring Guyana experiences a dramatic oil boom. However, Suriname's ability to translate these energy discoveries into sustainable economic development will largely depend on effective governance and transparent management of resource revenues, critical factors that have challenged many oil-rich nations.