* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, May 22, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    San Jose eyes creation of entertainments zones with FIFA World Cup, Super Bowl LX on the horizon – The Mercury News

    San Jose Sets Its Sights on Exciting Entertainment Zones Ahead of FIFA World Cup and Super Bowl LX!

    Wilmington’s future of fun: 5 recreation and entertainment spaces planned in the Port City – Wilmington Star-News

    Exciting Developments Ahead: 5 New Recreation and Entertainment Spaces Coming to Wilmington!

    Jason Momoa Is Done With Peace in Apple’s ‘Chief of War’ Teaser – Yahoo

    Jason Momoa Embraces Chaos in Gripping Teaser for Apple’s ‘Chief of War’

    AI Entertainment Studio Promise Inks Deal With Google, Raises Investment from Michael Ovitz’s Crossbeam – The Hollywood Reporter

    AI Entertainment Studio Promise Secures Major Deal with Google and Attracts Investment from Michael Ovitz’s Crossbeam!

    Jennifer Lawrence and Robert Pattinson Did This “Humiliating” Thing to Prep for Sex Scenes – Yahoo

    Jennifer Lawrence and Robert Pattinson’s Hilarious Preparation for Steamy Sex Scenes!

    Meet the Cast of FX’s New Comedy ‘Adults’ – WFXG

    Meet the Cast of FX’s New Comedy ‘Adults’ – WFXG

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Aera Technology Debuts Decision Intelligence Skill to Navigate Shifting Tariff Dynamics Across Value Chains – Silicon Canals

    Unlocking Success: Aera Technology Launches Innovative Decision Intelligence Skill to Tackle Evolving Tariff Challenges in Value Chains

    Auditory Processing and Psychosocial Improvements with Remote Microphone Technology: An Evidence Review – The Hearing Review

    Unlocking Sound: How Remote Microphone Technology Enhances Auditory Processing and Boosts Psychosocial Well-Being

    Quadient and Nuvei Forge Strategic Technology Partnership – Finovate

    Quadient and Nuvei Forge Strategic Technology Partnership – Finovate

    Novotech Honored with Triple Win in 2025 Pharmaceutical Technology Excellence Awards – Morningstar

    Novotech Celebrates Triple Triumph at the 2025 Pharmaceutical Technology Excellence Awards!

    Experts Issue Warning on New TSA Technology – Men’s Journal

    Experts Sound Alarm Over New TSA Technology: What You Need to Know

    Cellino’s iPSC Manufacturing Technology Receives FDA Advanced Manufacturing Technology (AMT) Designation – Business Wire

    Cellino’s Groundbreaking iPSC Manufacturing Technology Earns FDA’s Advanced Manufacturing Designation!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    San Jose eyes creation of entertainments zones with FIFA World Cup, Super Bowl LX on the horizon – The Mercury News

    San Jose Sets Its Sights on Exciting Entertainment Zones Ahead of FIFA World Cup and Super Bowl LX!

    Wilmington’s future of fun: 5 recreation and entertainment spaces planned in the Port City – Wilmington Star-News

    Exciting Developments Ahead: 5 New Recreation and Entertainment Spaces Coming to Wilmington!

    Jason Momoa Is Done With Peace in Apple’s ‘Chief of War’ Teaser – Yahoo

    Jason Momoa Embraces Chaos in Gripping Teaser for Apple’s ‘Chief of War’

    AI Entertainment Studio Promise Inks Deal With Google, Raises Investment from Michael Ovitz’s Crossbeam – The Hollywood Reporter

    AI Entertainment Studio Promise Secures Major Deal with Google and Attracts Investment from Michael Ovitz’s Crossbeam!

    Jennifer Lawrence and Robert Pattinson Did This “Humiliating” Thing to Prep for Sex Scenes – Yahoo

    Jennifer Lawrence and Robert Pattinson’s Hilarious Preparation for Steamy Sex Scenes!

    Meet the Cast of FX’s New Comedy ‘Adults’ – WFXG

    Meet the Cast of FX’s New Comedy ‘Adults’ – WFXG

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Aera Technology Debuts Decision Intelligence Skill to Navigate Shifting Tariff Dynamics Across Value Chains – Silicon Canals

    Unlocking Success: Aera Technology Launches Innovative Decision Intelligence Skill to Tackle Evolving Tariff Challenges in Value Chains

    Auditory Processing and Psychosocial Improvements with Remote Microphone Technology: An Evidence Review – The Hearing Review

    Unlocking Sound: How Remote Microphone Technology Enhances Auditory Processing and Boosts Psychosocial Well-Being

    Quadient and Nuvei Forge Strategic Technology Partnership – Finovate

    Quadient and Nuvei Forge Strategic Technology Partnership – Finovate

    Novotech Honored with Triple Win in 2025 Pharmaceutical Technology Excellence Awards – Morningstar

    Novotech Celebrates Triple Triumph at the 2025 Pharmaceutical Technology Excellence Awards!

    Experts Issue Warning on New TSA Technology – Men’s Journal

    Experts Sound Alarm Over New TSA Technology: What You Need to Know

    Cellino’s iPSC Manufacturing Technology Receives FDA Advanced Manufacturing Technology (AMT) Designation – Business Wire

    Cellino’s Groundbreaking iPSC Manufacturing Technology Earns FDA’s Advanced Manufacturing Designation!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

Suriname’s Resource Boom is Back on Track With First Oil Targeted for 2028

April 23, 2024
in News
Suriname’s Resource Boom is Back on Track With First Oil Targeted for 2028
Share on FacebookShare on Twitter

Suriname aims to replicate Guyana’s oil success but faces challenges due to delays, commercial concerns, and global climate change efforts.
TotalEnergies and APA plan to make the final investment decision on the Block 58 project by the end of 2024, targeting first oil in 2028.
Suriname’s oil boom could transform the country’s economic fortunes, ending its protracted crisis and lifting it out of poverty.

Former Dutch colony Suriname shares the offshore Guyana Suriname Basin with the former British colony of Guyana, which is reaping a massive economic windfall from one of South America’s largest oil booms of recent times. Suriname’s government in Paramaribo is hungrily eyeing Guyana’s oil boom, which has propelled the country into the global league of major oil-producing and exporting nations, putting it on track to become one of the wealthiest nations in South America. Deeply impoverished Suriname, which is suffering an extreme economic crisis, hopes to enjoy a similar boom to its neighbor. Nonetheless, time is running out to successfully exploit the vast petroleum resources lying beneath Suriname’s territorial waters as the global battle against climate change and push to net zero emissions gain momentum.

The shock 2022 announcement from TotalEnergies, the operator, and 50% partner APA Corporation that the final investment decision (FID) for Block 58 offshore Suriname was delayed nearly dashed Paramaribo’s plans. The government, which is experiencing significant economic pressure, views Suriname’s substantial offshore petroleum wealth as a silver bullet for the former Dutch colony’s financial woes. This notion emerged after APA announced the first discovery in Block 58 offshore Suriname at the Maka Central-1 wildcat well in early January 2020. By late-2020, analysts were speculating that Block 58 possessed significant petroleum resources, with U.S. investment bank Morgan Stanley stating that its modeling showed the acreage could contain as much as 6.5 billion barrels of oil. An additional four world-class discoveries were made by March 2022, further supporting those claims.

Block 58 Offshore Suriname

Source: APA Corporation Fourth-Quarter & Full-Year 2023 Financial & Operational Supplement.

Those events strengthened the belief that Suriname was on track to experience a mammoth oil boom capable of delivering a major economic windfall, thus ending the country’s protracted economic crisis and lifting it out of poverty. Those events sparked speculation that Block 58 contained petroleum resources on a scale similar to the neighboring Stabroek Block in offshore Guyana, where ExxonMobil has found 11 billion barrels of oil resources. It is the Stabroek Block that is driving Guyana’s epic oil boom and made the former British colony South America’s wealthiest country on a per capita basis. 

Paramaribo’s aspirations were almost dashed when TotalEnergies and APA delayed the FID for Block 58, which was originally expected during 2022, with first oil to be delivered sometime in 2025. TotalEnergies made this decision for several reasons, the key being the high gas-oil ratio and a swathe of poor exploration results that did not match earlier drilling outcomes or seismic data. Concerns over the commerciality of existing discoveries coupled with rising political tensions and a worsening economic crisis, with protestors storming Suriname’s parliament during February 2023, amplified the French supermajor’s uneasiness. Indeed, it those events which prompted TotalEnergies to delay the FID, especially with a substantial investment of $9 billion or more, with some analysts claiming it could take $11 billion, to bring Block 58 to first oil.

It was originally believed that TotalEnergies and partner APA would approve the FID by the end of 2022, with first oil expected during 2025. After a lengthy delay, with TotalEnergies, as operator, continuing to conduct appraisal drilling and assessing the five discoveries made since 2020, the partners announced during 2023 a commitment to undertaking development studies, which is typically a precursor to a FID. TotalEnergies and APA have flagged that this decision will be made by year-end 2024. The partners have identified a 700-million-barrel recoverable resource connected to the Sapakara and Krabdagu discoveries. Once detailed engineering studies are complete and the FID is made, the partners plan to install a floating production storage and offloading (FPSO) vessel in Block 58 with the capacity to lift 200,000 barrels per day. There are indications that TotalEnergies and APA are moving as quickly as possible to ensure the $9 billion project is sanctioned by the end of 2024. 

The oil discovered in Block 58 is particularly attractive to exploit for Big Oil because it is light, with an API gravity of around 34 degrees, and sweet with a low sulfur content making it cheaper and easier to process into high-quality low-emission fuels. Those are particularly important characteristics in a global economy where emissions standards are constantly ratcheted higher because the push to slow global warming and halt climate change gains momentum. If Guyana’s Stabroek Block is any indication, the carbon intensity of lifting oil in offshore Suriname will be relatively low, enhancing its attractiveness for Big Oil at a time when the industry is being forced to implement a net-zero standard. 

Offshore Suriname’s low projected breakeven prices must also be considered. Forecasts vary with analysts indicating that the breakeven price for each barrel lifted could be as high as $45 per barrel or as low as $35, with a consensus average of $40 per barrel for offshore Suriname. While this is higher than offshore Guyana, with an average breakeven price of an industry low of $28 per barrel, it is less than other offshore jurisdictions such as Brazil, where production breaks even at an average of around $50 per barrel for downstream offshore projects. There are claims that Block 58’s breakeven price will fall from an initial $45 per barrel produced to a low of $25 a barrel, which will be among the lowest in South America, as infrastructure is built out and operational synergies implemented.

There is considerable financial and socioeconomic pressure on Paramaribo to exploit the substantial petroleum wealth thought to lie beneath Suriname’s territorial waters. While the global rush to phase out fossil fuel consumption to combat climate change adds a sense of urgency to the former Dutch colony’s plans to extract those resources, time pressures are not as severe as some pundits claim. Suriname’s offshore oil resources are particularly appealing to Big Oil, because of a low carbon footprint to extract as well as refine and favorable costs with a $40 per barrel breakeven price, making production highly profitable in the current environment. Paramaribo has also implemented an appealing regulatory environment that ensures drillers are not only rewarded for investing in offshore Suriname but, through a 10-year contract, have sufficient time to explore and exploit the acreage once production begins.

By Matthew Smith for Oilprice.com

More Top Reads From Oilprice.com:

Red Sea Could be Where Israel Strikes NextWeak Diesel Prices Reflect Global Economic SlowdownTech Leaders Big Big On Green Energy Startups

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : OilPrice – https://oilprice.com/Energy/Crude-Oil/Surinames-Resource-Boom-is-Back-on-Track-With-First-Oil-Targeted-for-2028.html

Tags: newsresourceSuriname’s
Previous Post

American Gasoline Prices Rise for Third Straight Week

Next Post

Big Oil May Not Support All Trump 2.0 Policies

I booked basic economy on JetBlue and got a premium coach seat. I’d only splurge on the $180 upgrade for long flights. – Business Insider

I booked basic economy on JetBlue and got a premium coach seat. I’d only splurge on the $180 upgrade for long flights. – Business Insider

May 22, 2025
Has The Curse of Oak Island Season 13 Been Canceled or Renewed – Yahoo

Is Season 13 of The Curse of Oak Island Canceled or Renewed? Find Out the Latest!

May 22, 2025
‘Pay now or pay greater later’: Mass. health centers CEO warns Medicaid cuts will lead to higher costs and strain to health system – CommonWealth Beacon

Urgent Warning: Medicaid Cuts Could Drive Up Healthcare Costs and Strain Our System

May 22, 2025
After Biden and Connolly, Some Democrats Wonder: Should Age and Term Limits Exist? – The New York Times

Should Age and Term Limits Be Implemented? A Growing Debate Among Democrats

May 22, 2025
Aera Technology Debuts Decision Intelligence Skill to Navigate Shifting Tariff Dynamics Across Value Chains – Silicon Canals

Unlocking Success: Aera Technology Launches Innovative Decision Intelligence Skill to Tackle Evolving Tariff Challenges in Value Chains

May 22, 2025
CEO to oversee college sports rules enforcement after House v. NCAA settlement is finalized, per report – CBS Sports

New Era for College Sports: CEO Takes Charge of Rules Enforcement Following Landmark Settlement

May 22, 2025
Amazon rainforest adjusts to long-term experimental drought – Nature

Amazon rainforest adjusts to long-term experimental drought – Nature

May 22, 2025
VAHS educator Hunjadi wins Frank Zuerner Science Teaching Award – veronapress.com

VAHS educator Hunjadi wins Frank Zuerner Science Teaching Award – veronapress.com

May 22, 2025
Jeremy Renner and the Science of Extraordinary Near-Death Experiences – Herald/Review Media

Jeremy Renner and the Science of Extraordinary Near-Death Experiences – Herald/Review Media

May 22, 2025
This $18.99 Aldi Find Is an Our Place Dupe (And 5 Times Cheaper!) – Yahoo

This $18.99 Aldi Find Is an Our Place Dupe (And 5 Times Cheaper!) – Yahoo

May 22, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (629)
  • Economy (643)
  • Entertainment (21,556)
  • General (15,226)
  • Health (9,684)
  • Lifestyle (647)
  • News (22,149)
  • People (645)
  • Politics (651)
  • Science (15,866)
  • Sports (21,153)
  • Technology (15,633)
  • World (632)

Recent News

I booked basic economy on JetBlue and got a premium coach seat. I’d only splurge on the $180 upgrade for long flights. – Business Insider

I booked basic economy on JetBlue and got a premium coach seat. I’d only splurge on the $180 upgrade for long flights. – Business Insider

May 22, 2025
Has The Curse of Oak Island Season 13 Been Canceled or Renewed – Yahoo

Is Season 13 of The Curse of Oak Island Canceled or Renewed? Find Out the Latest!

May 22, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version