PARAMARIBO – Malaysian energy company Petronas is investigating whether commercially recoverable oil exists alongside natural gas in Suriname’s offshore Block 52, according to Staatsolie Managing Director Annand Jagesar.
If the oil discovery proves commercially viable, Suriname could eventually develop two separate export industries in the same offshore area: crude oil and liquefied natural gas (LNG).
Block 52 was declared commercially viable for gas production at the end of 2025 following major natural gas discoveries in the area. The Sloanea discovery has become the foundation for a large-scale LNG development project that is expected to utilize floating production facilities.
Petronas and Staatsolie are expected to make a final investment decision on the gas project later this year. If approved, first gas production is anticipated in 2030, positioning Suriname as an LNG-exporting nation before the end of the decade.
At the same time, Petronas is evaluating the oil potential within the block. Jagesar told Reuters that he expects clarity within the next 18 months on whether the oil reserves can be produced commercially.
“We hope to reach a declaration of commercial viability for oil sometime within the next eighteen months,” Jagesar said.
The developments form part of Suriname’s broader effort to establish itself as a major offshore energy producer. The country remains on track to begin offshore oil production in 2028 through the Gran Morgu project, led by TotalEnergies. The project represents an investment of approximately US$10.5 billion and is considered one of the largest energy investments in the country's history.
Meanwhile, Staatsolie is also seeking to attract additional investors to other offshore areas. The state-owned company has launched an open licensing round covering more than 70,000 square kilometers across five offshore sectors. The licensing round will remain open for at least two years.
Under the initiative, energy companies can submit their own work programs and negotiate production-sharing contracts or joint study agreements. These arrangements would allow companies to expand and refine existing seismic data, providing a clearer picture of potential oil and gas reserves beneath the seabed.
Staatsolie expects to attract between three and four new investors over the next two years as it seeks to accelerate exploration and development activities in Suriname’s offshore sector.
The continued discoveries and investment plans reinforce Suriname’s growing reputation as one of the most promising emerging oil and gas provinces in the world, with the potential to transform the country's economy over the coming decade.