Suriname's $26 Billion Oil Bet Is Finally Paying Off
Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
I… Middle East turmoil, centered on theU.S.
war with Iran, is playing havoc with world energy markets.
An ongoing dispute overaccess to the Strait of Hormuz, through which a fifth of world oil and natural gas supply is shipped, is causing prices to surge.
This is a boon for South America's oil industry, particularlySuriname's emerging petroleum boom, which was delayed by conflicting drilling results and seismic data.
The former Dutch colony is on the cusp of becomingSouth America's next majoroil-producing nation.
Since 2019, Suriname's government in the capital Paramaribo has hungrily eyedGuyana's booming petroleum sector, which delivered a massive economic windfall for the former British colony.
Five major oil discoveries in offshore Block 58, which started in 2020 with the Maka Central-1 exploration well, confirmed the presence of commercially exploitable hydrocarbons in Suriname's portion of theoffshore Guyana-Suriname Basin.
After aseries of delays, beginning in 2022, due to mismatched drilling results and seismic data along with a high gas-to-oil ratio, TotalEnergies, the operator of Block 58, approved a final investment decision (FID).
TotalEnergies, which holds a 50% working interest in offshore Block 58, and 50% partner APA Corporation approved the development of the deepwater GranMorgu project.
This changed the project's ownership structure.
Forty percent was retained by the operator TotalEnergies with another 40% retained by APA, and the remainder granted to Staatsolie.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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