State-run Malaysian oil and gas company Petronas has reached an important stage in a gas development project in the Republic of Suriname.
The owner of the successful lubricant brand Petronas Lubricants has joined forces with South American oil company, Staatsolie, via its subsidiary PSEPBV. It has also achieved a Declaration of Commerciality for the Sloanea gas field based in Block 52.
Following a final decision regarding investment, the declaration confirms that the project is now ready to move from the initial discovery stage and into development.
In 2020, exploration of Sloanea-1 proved a success. The newly released formal statement builds on that accomplishment while underlining the confidence of both Petronas and Staatsolie in Suriname’s offshore basin’s hydrocarbon potential.
Petronas currently holds the title of operator for Block 52. It has an 80 per cent interest, with the remaining 20 per cent residing with the Paradise Oil Company, a subsidiary of Staatsolie. The Malaysian oil and gas company has participating interests in multiple blocks in Suriname, representing its commitment to partnering with the nation in its aims for energy growth.
Commenting on the declaration, VP for International Assets of Upstream at Petronas, Mohd Redhani Abdul Rahman, said the statement confirms that Sloanea-1 gas field is commercially viable and highlights the mutual trust between Staatsolie and Petronas – a collaboration built on technical ability and a commitment to bringing benefits to Suriname and its people.
The recent Declaration of Commerciality is also a landmark moment for Suriname’s deep water energy landscape, denoting its first step into gas development.
