(Argus, 20.Jun.2021) — A consortium of TotalEnergies and Qatar’s state-owned QP have won two offshore exploration blocks in Suriname following the South American state’s latest bid round launched in November.
TotalEnergies, formerly Total, will leads the consortium with a 40pc stake, alongside QP with 20pc. Suriname’s state-owned Staatsolie will hold the remaining 40pc interest.
The group will explore shallow water blocks 6 and 8 near the border with Guyana. The two blocks cover a combined area of approximately 2,750 km2, with depths ranging between 30m and 65m. They are immediately adjacent to the prolific Block 58 discoveries, QP said.
This is TotalEnergies second acreage in Suriname after it acquired a 50pc operating stake in block 58 from US independent Apache in January. Apache announced a significant discovery of light oil and condensate at the block the same month, and the consortium have announced three other discoveries since.
For Qatar, the win represents QP’s first entry into the country, strengthening its footprint in Latin America as part of its plans to diversify its global portfolio. QP has invested in dozens of overseas upstream oil and gas exploration blocks alongside long-time partners such as Eni, Shell and TotalEnergies. It now has assets in Argentina, Brazil, Guyana, Mexico and Suriname.
Staatsolie hopes Suriname’s offshore acreage will show the same potential as neighbouring Guyana, where ExxonMobil has made 18 oil discoveries since 2015. The US oil major is producing 120,000 b/d from Stabroek and has forecast output reaching 750,000 b/d by 2026.
In Guyana, QP and TotalEnergies formed a joint venture, Toqap, that now has a 25pc working interest in the country’s shallow-water Orinduik and Kanuku blocks.
These are part of the Guianas shield that runs from eastern Venezuela across Guyana and Suriname and into French Guiana. The US Geological Survey estimates that the region may contain 13.6bn bl of oil, 21.2 Tcf of gas, and 574mn bl of NGLs.
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By Adal Mirza
