South American offshore block on track for oil commerciality

Operated by the state-owned energy company of Malaysia, Petronas, Suriname’s Block 52 is a key focus for the emerging energy industry of South America.

Recently, Suriname’s national oil company, Staatsolie, announced that the block could achieve a declaration of oil commerciality in the next 18 months. The update highlighted the energy potential of the location, which is already classed as viable for future natural gas development.

The possible commerciality of oil could potentially add another strategic dimension to the block. Should the economic viability of crude oil be confirmed, the small South American nation would access the opportunity to advance export projects for gas and oil simultaneously.

The scenario would also fortify its position in the Suriname-Guyana basin, which has been recognised in recent years as being among the most active exploration areas in South America.

Suriname authorities believe that the combination of oil and gas resources could enable diversification of future sources of revenue and accelerate development of specialised energy infrastructure.

According to Staatsolie’s managing director, Annand Jagesar, exploration work is ongoing at the block off the coast of Suriname. The executive stated that the results obtained to date indicate a possible crude oil commerciality confirmation inside a short timeframe.

Petronas has been operating in South America for around 14 years. The Petronas lubricant line is also available in the region via the company’s base in in Belo Horizonte, Brazil, which combines a blending plant, headquarters and research and technology centre. Products include agricultural oil, compressor oil, thermal fluids, greases and more.

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