Suriname Takes Historic Step Towards First Offshore Gas Production

  • Suriname has reached a major milestone toward its first offshore gas production in 2030. President Jennifer Simons announced that the Sloanea-1 gas field in Block 52 has been officially declared economically feasible, following consultations with Staatsolie and Petronas.
  • The approval of the commercial field marks a turning point for Suriname's energy sector. With the green light from Staatsolie and Petronas, Suriname is on track for a Final Investment Decision1 (FID) in the second half of 2026. If this decision is made, production could begin in 2030. Under the partnership, Petronas holds an 80% stake, while Staatsloie, through its subsidiary, Paradise Oil Company, holds the remaining 20%.
  • According to the president, the approval means that the recoverable gas volume has been determined and that the project is economically viable. Petronas Suriname is now working on a full development plan, which must first be approved by Staatsolie before the final FID can be issued.
  • The Block 52 project is unique for the region. It will be the first large-scale gas development in the Caribbean with a floating liquefied gas production facility. This positions Suriname as a potential energy hub for the surrounding area, strengthening the country's role in the regional energy transition.
  • Furthermore, the development of the gas field offers Suriname the opportunity to capitalise on its offshore gas reserves. The project is expected to lead to a stable supply of relatively clean energy, which can both stimulate economic growth and support industrial production.
  • President Simons expressed her appreciation to all partners who contributed to the process. "If we want a prosperous future, energy is an essential part of it," she emphasised. With this step, Suriname is laying a solid foundation for sustainable growth and a new phase in the regional energy sector.

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1Regarding a gas project, this refers to the decision of a project sponsor to commit to and proceed with the project. Once this decision is made, the sponsor awards to a qualified contractor the engineering, procurement, and construction contract needed to build the gas facility.

(Sources: Suriname Herald)