Chevron, Petronas Secure Shallow-Water Offshore Block as Suriname Emerges as Caribbean Oil Frontier

  • Chevron and Petronas have secured offshore exploration rights to Blocks 9 and 10 off the coast of Suriname, signalling growing international confidence in the country's upstream potential and its emergence as a Caribbean energy frontier. The agreements bring leading global operators into the Suriname Guyana basin and pave the way for accelerated exploration and investment, particularly as state-owned energy company Staatsolie prepares to launch a licensing round for additional offshore acreage later this month.
  • Under the agreements, Block 9 will be operated by Petronas Suriname E&P B.V. (30%), with Chevron (20%), QatarEnergy (20%) and Paradise Oil Company (POC) (30%) as partners. Block 10 is led by Chevron (30%), alongside Petronas (30%), QatarEnergy (30%) and POC (10%). The initial three-year exploration phase will focus on 3D seismic surveys and subsurface mapping ahead of potential drilling.
  • The awards reinforce Suriname's ongoing strategy to develop its offshore sector. Building on previous deals, such as the June 2025 PSC signed with Petronas for Block66, which includes plans for two exploration wells, the country is attracting top-tier international operators to its basins. By positioning Blocks 9 and 10 near proven deepwater discoveries and onshore producing fields in the Suriname Guyana basin, Suriname strengthens the likelihood of commercial success while reducing perception risk for other investors.
  • The deals underscore the Caribbean margin as a growing hotspot for upstream investment. Neighbouring Guyana's offshore success has already drawn global attention, and Suriname's new agreements reinforce investor confidence in the region.
  • The signing of Blocks 9 and 10 represents more than exploration activity, which signals investor confidence in Suriname's regulatory framework, strategic vision and growing role in the global energy market. With additional licensing opportunities imminent, Suriname is poised to attract further international investment and solidify its standing for the fifth successive year of expansion in the non-oil economy at the half-year, following the contraction in 2020.

(Sources: Energy Capital Power)