Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana. In 2019, a consortium led Exxon Mobil began developing over 11 billion barrels worth of recoverable gas and oil resources, making the country a major producer.
Sources: TotalEnergies will sign a $10 billion deal for Suriname's offshore project
Four sources familiar with the project said that TotalEnergies, a French oil company, will sign the final investment decision on Tuesday, for the first offshore oil and natural gas development of Suriname. The development is expected to cost more than $10 billion. Gran Morgu, located in Block 58 140 km off of the coast of South America, has estimated recoverable reserves of 700 million barrels. This is comparable to ExxonMobil’s 11 billion barrel discovery in the neighbouring oil-rich Guyana.
Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries were made recently. Block 52 covers an area of 4,749 km² with water depths ranging from 50 to 1…
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect of the COVID-19 pandemic and the low oil prices."This year was slated to be another remarkable year for exploration with about 45 countries launching at least 52 lease rounds…
Offshore Accounts for 60% of Oil Discoveries
Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData.GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds.In Guyana, ExxonMobil drilled five discoveries in the deepwater Stabroek Block. Following the additional well drilled in January 2020 (Uaru-1)…
Oil Firms to Spend $53Bn at Stabroek Block
Global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block during the coming decade.According to Rystad Energy research, recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates, drawing extra attention to upcoming wells.It said that with more than 8 billion barrels of recoverable oil discovered in Stabroek thus far…
Apache Makes Major Discovery Offshore Suriname
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from a dive in…
Keenan Leaves Apache Corp
Oil and gas industry veteran Steven Keenan, who was credited with a high-profile shale discovery for Apache Corp, resigned on Wednesday from his position as senior vice president of worldwide exploration, the company said on Friday.Houston-based Apache told Reuters that Keenan's resignation is not connected to the well the company is currently drilling offshore in Suriname.
38 Oil and Gas Discoveries Made in Q3
GlobalData revealed that a total of 38 oil and gas discoveries were made globally in Q3 2019.South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData.Out of eight discoveries in South America, six are conventional oil discoveries, one is a conventional gas discovery and the remaining is a heavy oil discovery…
GAC Steps up in Guyana
GAC has opened its newest company in the South American country of Guyana in response to demand for professional shipping and logistics support following the discovery of large reserves of oil and gas in its waters.Bordered by the Atlantic to the north, Brazil to the south and southwest, Venezuela to the west, and Suriname to the east, Guyana covers just 215,000 km². Oil was first struck in 2015, and since then, major discoveries have been made in its deep offshore waters…
IMO Assists Cuba in Spill Preparedness
Cuba is the fourth Caribbean country to receive International Maritime Organization (IMO) assistance on spill preparedness in recent weeks, following similar events in Mexico, Suriname and Trinidad & Tobago.An IMO-funded workshop on ‘National Contingency Planning’ took place in Havana (13-15 November). The event was part of renewed efforts in the region to identify gaps in existing spill contingency plans.Senior level response managers and contingency planners from across the country took part in the workshop.
Guyana Puts Oil Auctions on Hold
Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation…
Total Dips Toes into Exxon's Offshore Guyana Play
France's Total has agreed to pay $1 million for an option to buy a 25 percent stake in an oil exploration block offshore Guyana, its first foray into an area close to where ExxonMobil made one of the largest discoveries of the last decade. Eco Atlantic Oil & Gas, a small Canadian exploration company which earlier this year listed on London's junior AIM market, said on Tuesday Total now had the option to acquire the…
Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil
Suriname's state oil company Staatsolie said on Thursday it signed production sharing contracts involving Exxon Mobil Corp, Hess Corp and Statoil ASA for two blocks off the coast of the South American nation. The thirty-year exploration and production agreements involve the areas known as Block 59, to be developed by a consortium consisting of Exxon and Hess, and Block 60, to be developed by Statoil. The area off…
Statoil to Enhance Exploration Drilling
Statoil plans to drill around 30 exploration wells in 2017, an increase of around 30% compared to 2016. More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS). “Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments in later years,” says Tim Dodson, Executive Vice President for Exploration in Statoil.
Douglas-Westwood: Nowhere Fast
E&P deepwater exploration and appraisal activity has dramatically declined. In line with falling E&A activity, Reserve Replacement Ratios (RRRs) have been declining for the majority of major E&P companies. Douglas-Westwood highlights some of the positive newsflow from offshore E&A activity in recent times. Myanmar, once impeded by political and economic trade embargoes, has seen a dramatic turnaround in fortunes since the lifting of international sanctions in 2012.
Statoil to Explore Offshore Uruguay
Statoil Uruguay B.V. (Statoil) has agreed with Total E&P Uruguay B.V. (Total) to acquire 15% working interest in offshore exploration block 14 in Uruguay. This represents a new impact opportunity for Statoil and a new country entry. Block 14 is located in the Pelotas basin of the South Atlantic Ocean, approximately 200 kilometres off the coast of Uruguay. It covers an area of 6,690 square kilometres in water depths of 1,850 to 3,500 metres. Statoil has acquired 15% working interest from operator Total.
Malaysia's Petronas Looking to Sell Vietnam Offshore Fields
Reuters – Petroliam Nasional (Petronas) wants to sell its stakes in five offshore oilfields in Vietnam for a combined $300 million, two company sources said, as the Malaysian state oil firm streamlines its assets and raises funds for expansion. Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets. The planned asset sale comes as Petronas taps into North America's shale boom and further develops Malaysian oil and gas fields.
