Daily Newsletter

10 November 2023

Daily Newsletter

10 November 2023

Petronas plans to drill two additional wells offshore Suriname

The Malaysian company is looking to gather additional data for its field plan, prior to making a final investment decision for Block 52.

Archana Rani November 10 2023

Malaysia’s Petroliam Nasional Berhad (Petronas) is planning to drill at least two additional wells offshore Suriname in 2024, reports Reuters, citing Suriname state company Staatsolie.

The move comes as the Malaysian oil company looks to gather additional data for its field plan, prior to making a final investment decision for the Block 52 area.

Earlier in November 2023, Petronas made an oil discovery following the drilling of the Roystonea-1 exploration well offshore Suriname.

The well is located in the Block 52 exploration area, where natural gas was discovered by a Petronas-Exxon Mobil joint venture in 2020.

Petronas is now assessing further development of the new discovery with the Sloanea-1 discovery, which is also located in Block 52.

According to Staatsolie’s statement, Petronas chief operating officer Adnan Zainal Abidin said the company is looking at ways to produce liquefied natural gas from floating facilities in Suriname.

Staatsolie head Annand Jagesar was quoted by the news agency as saying that the new negotiations would be required as a result of the gas discoveries made recently by the Malaysian company.

Jagesar added: “With gas discoveries, conditions are renegotiated with the partner, and we are doing that now.”

Earlier in 2023, Staatsolie signed a production sharing contract (PSC) with TotalEnergies and QatarEnergy for two blocks offshore Suriname.

The agreement, which covers blocks 6 and 8, gives exploration, development and production rights to TotalEnergies Suriname and QatarEnergy.

Blocks 6 and 8 are located west of the shallow offshore region, south of the recent deepwater discoveries in Block 58 and north of the onshore producing fields.

Could Machine learning (ML) adoption be a key growth catalyst in the O&G market?

ML can be used to analyze seismic data, well logs, and other geologic data to identify potential reservoirs. ML algorithms are also capable of analyzing production data and identifying patterns that can be used to improve well performance. This can lead to increased production rates and reduced downtime. Besides, this analysis can also be used to identify potential hazards, thereby preventing any untoward incidents and boosting operational safety.

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