(Staatsolie, 30.Dec.2024) — With the approval of the development plan and the announcement of the final investment decision (FID) for a production field in Block 58, 2024 marked a historic milestone for Staatsolie Maatschappij Suriname N.V. and Suriname. The production and financial results of the past year confirm the solid foundation of the company.
In 2024, developments in the offshore sector, particularly in Block 58, necessitated significant efforts. Staatsolie has delivered strong performance in its ongoing operations and focused on achieving various objectives to continue making a substantial contribution to the Surinamese economy and society.
On 30 Sep., Staatsolie approved the development plan for the GranMorgu field in Block 58, followed by TotalEnergies‘ announcement on 1 Oct. of a FID for the project. Patrick Pouyanné, Chairman and CEO of TotalEnergies, visited Suriname for this occasion. The name GranMorgu is derived from a fish species found in Surinamese coastal waters and symbolizes a new beginning for Suriname, which is currently facing economic challenges.
First oil production from the GranMorgu field is expected in 2028, according to the project timeline. Contracts for major production facilities have been signed, securing a significant portion of the capital investment. Construction of the floating production, storage and offloading (FPSO) unit is underway. In the coming years, wells will be drilled, subsea installations and pipelines will be laid, and modules will be installed on the already acquired floating platform. In particular, the operational activities for drilling the wells will take place from Suriname. This will have a significant spin-off for the Surinamese economy, due to the employment of local labor and the local procurement of goods and services (local content). Over the past year, Staatsolie has continued to inform local businesses and other stakeholders about the opportunities available.
In Mar., a Letter of Agreement (LoA) was signed with Petronas for Block 52. The LoA is necessary to further investigate the gas discovery made in 2020 with the Sloanea-1 exploration well. The agreement outlines the key terms and conditions for exploring the commercial viability of developing a gas field in Block 52. As a direct result of the LoA, the successful Sloanea-2 exploration well, including a production test, was drilled in the second quarter. Based on this success, Petronas has initiated pre-development activities.
On 15 May 2024, Petronas confirmed a discovery at the Fusaea-1 exploration well in Block 52. This discovery is being further evaluated to determine the size of the reservoir. Additionally, studies will be conducted to assess the potential for developing the Fusaea-1 discovery together with the earlier Roystonea-1 discovery and further exploration. Two exploration wells are planned to be drilled in 2025 to facilitate these studies.
On 13 Sep., Staatsolie and PetroChina Investment Suriname B.V., a subsidiary of China National Petroleum Corporation, signed production sharing contracts for offshore blocks 14 and 15. With these contracts, PetroChina has obtained exploration, development, and production rights in both blocks. Staatsolie, through its subsidiary Paradise Oil Company N.V. (POC), holds a thirty percent participating interest.
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