Suriname hoped for an oil boom like neighboring Guyana after a significant discovery in January 2020. However, economic mismanagement and corruption led to protests in February 2023, pressuring the government. TotalEnergies and APA Corporation found major oil discoveries in Suriname’s waters, delaying the final investment decision for Block 58 until October 2024.

President Chan Santokhi’s prediction of first oil from Block 58 by 2025 proved overly optimistic. TotalEnergies and APA faced poor drilling results and high gas-to-oil ratios, delaying development. However, in October 2024, TotalEnergies announced a $10.5 billion investment to develop the Sapakara and Krabdagu oil discoveries in Block 58.

The GranMorgu development in Suriname, approved in October 2024, targets over 750 million barrels of recoverable oil reserves. The facility, with an all-electric FPSO vessel, aims to lift 220,000 barrels of crude oil daily starting in 2028. Suriname’s NOC Staatsolie acquired a 20% interest in the operation through various funding methods.

Suriname’s oil industry expects growth, with Block 58 believed to hold significant potential. TotalEnergies acquired a 25% interest in Block 53 in June 2025, where APA made the Baja-1 discovery in August 2022. Petronas declared commerciality of the Sloanea field in Block 52, with first gas expected in 2030.

Petronas made oil discoveries in Block 52 and signed a PSC for Block 66 with Staatsolie. Block 52 is estimated to contain at least 500 million barrels of crude oil. Petronas aims to drill two exploration wells in Block 66, continuing its success in Suriname’s offshore hydrocarbon acreage.

Read more at Yahoo Finance: Suriname’s Long-Awaited Oil Boom Finally Takes Shape