Suriname’s long-awaited oil boom could finally get underway with a growing number of indicators that a final investment decision on Block 58 could be made this year.
two Production Sharing Contracts with national oil company Staatsolie. The PSCs are for shallow water Blocks 6 and 8 where TotalEnergies holds a 40% working interest and is the operator alongside QatarEnergy with 20% and Staatsolie now controlling 40%.Both blocks are immediately adjacent to Block 58 where TotalEnergies, the operator, and partner Apache have made five commercial oil discoveries and are currently conducting appraisal drilling.
Accordingly, for such a massive investment of capital Total Energies and Apache want to be certain they are developing a low-cost long production life commercially sustainable oil resource. In TotalEnergies' first quarter 2023 results, Pouyanné further explained another issue to arise is high the oil-to-gas ratio for the discoveries in Block 58 which is preventing the efficient exploitation of the oil discovered to date.
Then there is Apache’s Baja-1 oil discovery in neighboring Block 58 to consider. Apache announced itswith the Baja-1 exploration well during August 2022. The well, which is seven miles to the west of the Krabdagu discovery in Block 58,
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