Malaysian oil company Petronas has made a significant crude oil discovery in the Roystonea-1 exploration well, part of Block 52, located off the coast of Suriname.
This marks the second discovery by the company in Block 52, with the first one in 2020, confirmed by Petronas Suriname E&P, a subsidiary of Petronas, and Suriname's national oil company, Staatsolie.
The Roystonea-1 well, situated approximately 185 kilometers from the coast, was successfully drilled to a total depth of 5,315 meters.
The company found multiple sandstone reservoirs containing oil and is conducting further assessments to determine the full extent of this discovery.
In their statement, Petronas Suriname E&P also mentioned that they are exploring potential development synergies with the previously mentioned 2020 discovery in the Sloanea-1 field within the same block.
Block 52, covering an area of 4,749 square kilometers, is located north of the coast of Paramaribo, the capital of Suriname, within the rich Suriname-Guyana petroleum basin.
Petronas Suriname E&P operates Block 52 with a 50% stake and also operates Block 48 with a 100% stake.
Offshore oil production is considered one of the primary options to help Suriname recover from its economic crisis. The country is currently implementing an economic recovery plan with the support of the International Monetary Fund (IMF).
