The American oil company, APA Corporation (APA) and Suriname’s Staatsolie Tuesday announced the discovery of another large oil reserve off the coast of Suriname in Block 53.
Since January 2020, five successful discoveries were made in Block 58. The oil was found in the Baja-1 well that was drilled to a depth of 5,290 meters and encountered 34 meters of net oil payment.
Preliminary analyses indicate light oil with a gas-to-oil ratio of 1600 to 2200 standard cubic feet per barrel, in a good quality reservoir. The discovery at Baja-1 is from the same deposition system as the Krabdagu discovery, 11.5 kilometers to the west at Block 58.
“Our success at Baja marks the 6th oil discovery we have participated in offshore Suriname, and the first on Block 53,” said John J. Christmann, APA’s president and chief executive officer.
“This result confirms our geologic model for the Campanian in the area and helps to de-risk other prospects in the southern portion of both Blocks 53 and 58.”
The company said it recently received regulatory approval regarding an amendment to the Block 53 Production Sharing Contract (PSC) with Staatsolie, which provides options to extend the exploration period of the PSC by up to four years.
The company is currently progressing the formalization of the election of the first one-year extension, for which all work commitments are complete.
“Suriname is another step closer to commercial exploitation,” President Chandrikapersad Santokhi said in a statement following the latest oil discovery, adding that the results as presented “make us stand with both feet on the ground at the same time, while the dot on the horizon takes on more and more solid shapes”.
The authorities said the results from Block 58 point to the complexity and dynamics of the industry and the results also showed a water reservoir in this block giving a good indication of the enormous potential that Suriname has as a player in the field of oil and gas.
The government is awaiting further information from the oil companies and in the meantime, intensive discussions are being held between Staatsolie and the foreign companies about the first development in the sea area so as to arrive at the so-called final investment decision.
Santokhi said while the areas at sea show positive prospects, Suriname is also being prepared on land to respond to the future in which oil and gas are indispensable.
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