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Petronas eyes final investment decision in Suriname after 8 discoveries totalling over 1 billion barrels
(Kaieteur News) – Suriname is moving closer to joining Guyana as a major oil-producing nation, with Malaysian state energy giant Petronas expected to make its Final Investment Decision (FID) for offshore Block 52 this year — a milestone that could unlock one of the most significant energy developments in the Caribbean basin in recent years.
The announcement was made by Surinamese President Jennifer Simons on Tuesday, while a Petronas executive revealed that eight discoveries across Block 52 collectively hold more than one billion barrels of oil equivalent — a figure that underscores the enormous potential lying beneath Suriname’s offshore waters.
The latest catalyst for optimism came in the form of a new gas discovery at Block 52, adding to a growing portfolio of finds that have steadily built the case for full-scale development. With the FID now on the horizon, Petronas is poised to transition from exploration to production — a shift that could dramatically reshape Suriname’s economic landscape.
Reinforcing the momentum, a consortium led by French energy major TotalEnergies has already confirmed that first oil from Suriname is targeted for 2028, according to Oil Minister Patrick Brunings, who spoke to Reuters on the sidelines of a recent conference.
Suriname is making no secret of its ambitions. The country’s state-owned oil company, Staatsolie, is currently running an open-door licensing round spanning more than 70,000 square kilometres across five offshore sectors. The initiative allows international companies to propose work programmes and secure production-sharing contracts or joint study agreements aimed at improving available seismic data — a move designed to attract further investment and accelerate exploration activity.
Minister Brunings struck a strong tone when speaking about the country’s prospects, hinting that the best may still be ahead. “There are a few more surprises in store,” he said. “If we find a lot of gas, we can establish various industries, such as the bauxite industry and the petrochemical industry.”
Beyond crude oil, Suriname is increasingly positioning itself as a future gas exporter — a prospect that carries significant strategic weight in a world scrambling for reliable energy supplies. “We can also focus on gas exports,” Brunings said. “The whole world is now looking for reliable gas suppliers, and we believe we can play that role very well.”
Suriname’s energy ambitions are firmly anchored in the example set by Guyana, which has rapidly emerged as one of the world’s most exciting oil frontiers. Guyana currently produces over 900,000 barrels per day — a transformation driven by offshore developments led by international energy majors — and Suriname is openly pursuing a similar trajectory.
With billions of barrels potentially within reach, a Final Investment Decision from Petronas this year would mark a turning point for a country long overshadowed by its more celebrated neighbour — and signal to the world that Suriname’s offshore wealth is ready to flow.
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