Suriname this Time Again
Amsterdam, 11 November 20211–Suriname came out swinging at the launch of the 2nd Bid Round for its Shallow Offshore Acreage, promising potential bidders a collective reward of over 91 billion barrels of original oil in place.
Based on the outcome of an independent prospects re-mapping study, the regarding acreage seems to include around 90 known prospects, of which 30 are expected to contain between one million and seven million barrels of oil. An absolute teaser in this regard are the “drill ready” prospects, which were proven by recent multi-client 3D data acquired by BGP, TGS and CGG.
This Bid Round has been long-anticipated and follows two years of hard work of the Staatsolie Technical Team, led by Eshita Narain, Team Lead Basin Studies & Open Acreage Evaluation Offshore. Staatsolie has compiled a competitive package to attract potential investors, with appetizing Minimum Work Program requirements and attractive fiscal terms.
The 11 showcased defined blocks are located from West to East around the well-known Golden Lane, with prolific Block 58, where TotalEnergies/APA are at the cusp of developing their Sapakara/Krabdagu reservoir; Block 52, where Petronas/ExxonMobil have recently made a substantial oil discovery at Roystonea-1 and Block 53, where APA/Petronas/CEPSA too have made a promising discovery at Baja-1.
Interesting in this regard is that the studies carried out by Staatsolie confirm that, in addition to an Albian and Cenomanian/Turonian source rock, which has primarily sourced the deepwater discoveries in the Golden Lane, a deeper Aptian mature source rock is likely active across a wider area of the shelf. The gathered information has been instrumental in de-risking the mapped leads and prospects in the targeted area of this Bid Round and is a sign that Staatsolie has steadily achieved its goal to become masters of the Basin. (See my previous posts on mastering the Basin). This has allowed the company to successfully launch Bid Rounds for the SHO 1 and Demerara Acreage, each with a 50% score of contracted acreage.
According to a press-release issued by Staatsolie, the Bidder Authorization Process has started on November 7, 2023, while authorized Bidders will have access to the Data Room, starting December 18, 2023. Bids can be submitted until May 31, 2024. Further queries can be obtained through UK based ENVOI Ltd, which is hired by Staatsolie as A&D advisor for the Bid Round, and Staatsolie Hydrocarbon Institute (SHI).