What's Happening?
Suriname is emerging as a significant player in the Caribbean's offshore oil and gas industry, following multiple deepwater discoveries. The nation has confirmed estimated recoverable resources of 2.4
billion barrels of oil equivalent and 12.5 trillion cubic feet of natural gas within its portion of the Guyana-Suriname basin. TotalEnergies and APA Corporation are leading the Block 58 development, which includes the GranMorgu project expected to deliver first oil in 2028. This project represents the largest industrial investment in Suriname's history, featuring an all-electric FPSO designed for reduced emissions. Additionally, Petronas' Block 52 and TotalEnergies' recent stake acquisition in Block 53 further highlight the region's potential for sustained production growth.
Why It's Important?
Suriname's deepwater discoveries are poised to transform the Caribbean energy landscape, potentially making the country a major contributor to regional oil and gas supply. The development projects are expected to boost Suriname's economy, create jobs, and attract further international investment. The focus on reduced emissions and sustainable practices in these projects aligns with global energy transition goals, positioning Suriname as a forward-thinking player in the industry. As exploration and production activities accelerate, Suriname could produce over 200,000 barrels per day by the end of the decade, significantly impacting regional energy dynamics and supply chains.
