By Ivan Cairo
PARAMARIBO, Suriname– 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 have been made in Block 58. The oil in the Baja-1 well 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 suitable 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 de-risk other prospects in the southern portion of both Blocks 53 and 58.”
The company 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 through 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 Chandrika Persad 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 here said the results from Blok 58 point to the complexity and dynamics of the industry and that the results also showed a water reservoir in this block, indicating the enormous potential Suriname has as a player in the oil and gas field.
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 to arrive at the so-called final investment decision.
Santoshi 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.
He said that the government highly values public-private partnership and the preparations for constructing three ports of the Dubai-based DP World, local company Kuldipsingh and the consortium of state-owned NV Havenbeheer and the American-based Phoenix to service the offshore oil sector that the Council has already approved of Ministers.
Santoshi said the latest discovery further emphasizes how crucial it is to address oil and gas policies together.
He said the policy direction is still to ensure that the energy resources that are now identified are used so that future generations can build on the results of the choices currently being made. “The projected revenues will realize the intended transition to green energy. As a nation, we are getting closer and closer to commercial exploitation,” President Santokhi said, calling on society to join forces to “unfold the extraordinary potential of our nation.”
Staatsolie said the research also indicates that the latest discovery is an expansion of the reserves found in Krabdagu and that it could mean a massive addition to the Krabdagu reservoir.
“The discovery of Baja-1 also helps reduce the risks of similar exploration opportunities in the rest of Blok-53, highlighting the potential of offshore Suriname, including beyond Blok-58. In this regard, the exploration period of Blok 53 has been extended to explore the area better,” it said.
Preparations are now being made to formalize the first extension by one year. Baja-1 was drilled using the Noble Gerry de Souza in water depths of approximately 1,140 meters. The drillship will be moved to Block 58 upon completion of current operations, where it will drill the Awari exploration well, about 27 kilometers (north) from the Maka Central discovery.
As for the results at the Dikkop-1 well in Block 58, the company says Apache has indicated that exploration activities there have been completed. The well encountered water-bearing sandstones in the targeted interval and has been plugged and abandoned.
Total Energies is the operator with a 50 percent working interest, and APA holds the remaining 50 percent interest in Block 58.
The authorities added that the drillship Maersk Valiant would be moving to the Sapakara field to drill a second appraisal well at Sapakara South, where the joint venture conducted a successful flow test late last year.
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