The growing oil boom in the offshore Guyana-Suriname Basin continues to gain pace. After making a series of spectacular discoveries in offshore Guyana energy supermajor ExxonMobil announced that with partner Malaysia’s Petronas it has made a promising discovery off Suriname. The discovery was made in offshore Suriname Block 52, which neighbors Block 58 where Apache has made a slew of hydrocarbon discoveries since the start of 2020. Petronas which owns a 50% interest in the block and is the operator, with Exxon owning the other half, made the find at the much-hyped Sloanea-1 exploration well. It was only in May 2020 when Exxon completed its purchase of a 50% interest in Block 52 from Petronas. The motivation for that investment decision is clear, the considerable potential held by offshore Suriname which shares the Guyana-Suriname Basin with its South American neighbor, and desire to replicate its success in the Stabroek Block.

The Malaysian state-controlled energy company announced:

“The Sloanea-1 exploration well encountered several hydrocarbon-bearing sandstone packages with good reservoir qualities in the Campanian section.”

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Source: Oil Price