French company finds ‘significant’ oil reserves in Suriname, near Guyana’s reserves

TotalEnergies, a French oil company, announced the discovery of significant reserves of oil and gas off the coast of Suriname on Monday and said it would begin exploration soon.

The company has several exploration licences in the South American nation and made the announcement jointly with the United States Corporation APA.

“TotalEnergies and APA Corporation have made a significant new oil and associated gas discovery at the Krabdagu-1 well, in the central area of Block 58, offshore Suriname,” a press release from the company said.

It added, “This follows previous discoveries at Maka, Sapakara, Kwaskwasi and Keskesi, and the successfully tested Sapakara South-1 appraisal well.”

Several “significant” discoveries have been reported at Block 58 since 2020. This block is found in Suriname’s waters and it is near Guyana’s prolific offshore oil reserved.

TotalEnergies said it would “continue our exploration and appraisal strategy of this prolific Block 58 in order to identify sufficient resources by year-end 2022 for a first oil development”.

“This successful exploration well at Krabdagu-1 is a significant addition to the discovered resources in the central area of Block 58.

“This result encourages us to continue our exploration and appraisal strategy of this prolific Block 58 in order to identify sufficient resources by year end 2022 for a first oil development,” Kevin McLachlan, Senior Vice President for Exploration at TotalEnergies, said.