BLOCK 52 PAYS OFF BIG AGAIN FOR PETRONAS
The results of the recently completed Fusaea-1 exploration well in Suriname’s Offshore Block 52, have tempted Vice President of Exploration of Petronas, Mohd Redhani Abdul Rahman, to describe this as “a testament to the advancements in our geological comprehension of this region, bolstered by recent breakthrough in Roystonea-1 and Sloanea-1. These discoveries have significantly expanded the prospectivity and integrated oil and gas development potential within Block 52 (…).” A strong statement, which is a clear signal that the company seemingly has no time to waste in taking developments in Block 52 to a next stage.

Fusaea-1 delivered multiple oil and gas-bearing Campanian sandstone reservoir packages, which will be evaluated further to determine the full extent of the discovery and its potential for an integrated development with the previous Roystonea-1 and Sloanea-1 discoveries. Integration of these discoveries, which are reported to hold gas and oil, is an indication that Petronas probably has a “multi focus approach” with regard to further developments in Block 52. This is unlike the approach shown until now by TotalEnergies, the operator in Block 58, which seems to be focused on an oil development first.

In this regard it’s worth noting that according to a recent press release of O&G consultants Wood Mackenzie, recoverable resources at Roystonea and Fusaea “are approaching 400 million barrels, which could be enough to support an FPSO with an oil processing capacity of up to 100,000 barrels per day.” Petronas itself has not given any number regarding the discovered resources at said locations, but if the assessment of Wood Mackenzie may prove to be accurate, the prospect of a second oil development would be very good news for Suriname. Aside from this Petronas seems to have already set its sights on a potential gas development project on the back of the Sloanea-1 (gas) discovery. Earlier this year the company inked a LoA with Staatsolie to further explore the feasibility of a commercial gas field in the Sloanea area. The LoA broadly sets out the principles and conditions to assess the feasibility of such development. As an outcome of the LoA, Petronas is now drilling the Sloanea-2 well, with the intent to appraise and test the potential of Sloanea-1.

To date Petronas has the largest footprint of foreign O&G companies in Suriname, with working interests ranging from 30% to 100% in Block 48, Block 52, Block 53, Block 63 and Block 64. And I wouldn’t be surprised, that the company probably will be looking to extend this, particularly in the pending Shallow Offshore 2 Bid Round, which will close by end of May. In view of this the comment of Datuk Adif Zulfikfli, Petronas’ Executive Vice President and Chief Executive Officer of Upstream, was very meaningful: “The favorable results attained from the Fusaea-1 well have solidified Petronas’ standing in Suriname for material hydrocarbon resource (…)”.