Staatsolie, the state-owned national oil and gas company of Suriname, has announced that Chevron Suriname Exploration is set to commence drilling the Korikori-1 exploration well this month.

Roughly 78km offshore in the north‑central sector of Block 5, the well is located at an approximate water depth of 40m.

American energy multinational Chevron operates Block 5, holding a 40% interest, with Paradise Oil Company (POC) owning 40% and Qatar Energy holding the remaining 20%.

At the end of July 2025, Suriname’s National Environmental Authority issued Chevron with a permit for the drilling operations.

Drilling will be carried out by the Noble Regina Allen rig, which is scheduled to arrive in the first half of this month.

Drilling operations are expected to take around 90 days and aim to determine whether hydrocarbons are present in the subsurface.

Once the well operations and data collection are successfully completed, an initial assessment of the quantity and quality of any hydrocarbons present could be made, Staatsolie added.

The rig will be launched from port facilities in Suriname, which will serve as the shore base.

Personnel will be transported to the rig from Paramaribo. This initiative provides opportunities for local entrepreneurs and suppliers of goods and services to engage in Suriname's offshore oil and gas sector, stated Staatsolie.

Block 5 lies in the western portion of Suriname’s shallow offshore territory within the Suriname‑Guyana Basin.

This block covers around 2,200km², extending 45–82km offshore north of the Nickerie district, with water depths generally between 30m and 60m.

Earlier this year, Reuters reported that Staatsolie sought $1.5bn (Sr$53.47bn) in bank financing for the Gran Morgu energy project in 2025.