Petroliam Nasional Bhd. (Petronas) has declared a 3rd hydrocarbon discovery in Suriname’s offshore Block 52, a 50-50 co-venture with Exxon Mobil Corp.
The Fusaea 1 exploration nicely, spudded February, was drilled to a complete depth of 5,227 meters (17,149 toes), revealing “a number of oil and gas-bearing Campanian sandstone reservoir packages”, the Malaysian state-owned oil and gasoline firm mentioned in an announcement. “Additional analysis is being undertaken to find out the complete extent of this discovery and its potential for an built-in improvement with the latest Roystonea-1 and Sloanea-1 discoveries”.
Petronas vice chairman for exploration Mohd Redhani Abdul Rahman mentioned, “The success of Fusaea-1 is a testomony to the developments in our geological comprehension of this area, bolstered by latest breakthrough in Roystonea-1 and Sloanea-1”.
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“These discoveries have considerably expanded the prospectivity and built-in oil and gasoline improvement potential inside Block 52”, Mohd Redhani added.
“In pursuit of sustainable and high-value materials useful resource, PETRONAS stays dedicated in its exploration actions in chosen focus areas as a part of its portfolio rationalization efforts.”
Situated within the Suriname-Guyana basin, Block 52 spans 4,749 sq. kilometers (1,833.6 sq. miles), in accordance with the homeowners. It sits north of the coast of Paramaribo, Suriname’s capital. Petronas Suriname E&P BV is the operator of Block 52 whereas ExxonMobil Exploration and Manufacturing Suriname BV holds the opposite half.
Fuel Improvement Settlement
Kuala Lumpur-based Petronas introduced its first Block 52 discovery on December 11, 2020, by means of the Sloanea 1 nicely, making Block 52 its first exploration success within the South American nation. The nicely yielded “a number of hydrocarbon-bearing sandstone packages with good reservoir qualities within the Campanian part”, Petronas mentioned in a press launch on the time.
Final month Suriname’s nationwide oil and gasoline firm Staatsolie Maatschappij Suriname NV mentioned the Block 52 companions agreed to additional discover the Sloanea space for potential gasoline manufacturing.
“The LoA [letter of agreement] is important for additional exploration of the gasoline discovery made in 2020 with the Sloanea-1 exploration nicely in Block 52”, Staatsolie Maatschappij Suriname NV mentioned in a information launch March 4.
The invention “concerned a small amount that was initially seen as commercially unattractive to develop right into a manufacturing discipline”, Staatsolie mentioned. “The event of an offshore gasoline discipline is tougher and sophisticated to discover in technical and economical perspective than an offshore oil discipline”.
Nonetheless Petronas and Staatsolie held discussions to additional discover Sloanea 1, which have now led to the LOA, Staatsolie mentioned. In line with the Staatsolie assertion Petronas was to drill the Sloanea 2 appraisal nicely beginning April 2024, adopted by a manufacturing check.
“This LoA is an settlement that broadly units out the agreements, ideas and situations to additional examine and improve the feasibility of the event of a business gasoline discipline in Block 52”, Staatsolie mentioned.
“An necessary a part of the feasibility is the assure of a tax-free interval of ten years from the beginning of manufacturing”, which has been granted within the LOA with the approval of the federal government, Staatsolie added.
The LOA serves as a foundation for additional talks for a gasoline addendum to the manufacturing sharing contract (PSC) for Block 52, which was signed April 2013.
“Within the occasion of a gasoline discovery, the PSC prescribes that events must negotiate a ‘Fuel Addendum’”, Staatsolie mentioned. “This addition to the manufacturing sharing contract will set up the procedures and situations below which the Block 52 companions PETRONAS and ExxonMobil can assess the gasoline discovery and probably subsequently develop and produce it.
“As a result of the negotiations for the Fuel Addendum can final nearly a 12 months, the agreements made up to now within the negotiations are recorded within the LoA”.
Petronas plans to start out gasoline manufacturing 2031 if Sloanea 2 proves to be a business success. An related floating liquefied pure gasoline facility may be constructed, Staatsolie mentioned.
Roystonea Discovery
On November 2, 2024, Petronas mentioned it hit its second discovery in Block 52. The Roystonea-1 exploration nicely was drilled to five,315 meters (17,437.7 toes).
Drilling “encountered a number of oil-bearing Campanian sandstone reservoir packages”, Petronas mentioned in an announcement on the time.
Petronas govt vice chairman and chief govt for upstream Adif Zulkifli mentioned, “PETRONAS views the Roystonea-1 oil discovery as a constructive improvement in the direction of realizing our differentiated barrel technique for worldwide upstream ventures, specializing in a cloth discovery with minimal contaminants”.
To contact the writer, electronic mail jov.onsat@rigzone.com
