Daily Newsletter

06 November 2023

Daily Newsletter

06 November 2023

Malaysia’s Petronas discovers oil offshore Suriname

The discovery was made at the Roystonea-1 exploration well in Block 52.

Shivam Mishra November 03 2023

Petronas Suriname E&P, a unit of Malaysian energy company Petronas, has announced the discovery of oil offshore Suriname.

The discovery was made at the Roystonea-1 exploration well in Block 52.

Petronas said the well, which is 185km off the coast at a water depth of 904m, was drilled to a total depth of 5,315m.

During the drilling, several oil-bearing Campanian sandstone reservoir packages were found.

The energy company is now assessing further synergies and development of the new discovery with the Sloanea-1 discovery.

Sloanea-1 discovery, which also lies in Block 52, was made in 2020.

With a 50% participating interest, Petronas Suriname E&P is the operator of Block 52, which has an area of 4,749km².

The exploration block is part of the Suriname-Guyana basin and is north of the coast of Paramaribo, the capital of Suriname.

Petronas Suriname E&P also operates Block 48 with a 100% participating interest.

Additionally, in the neighbouring Block 53, it is a partner with a 30% non-operating participating stake.

In 2022, the Baja-1 oil discovery was made in Block 53.

Petronas executive vice-president and CEO of upstream Datuk Adif Zulkifli said: “Petronas views the Roystonea-1 oil discovery as a positive development towards realising our differentiated barrel strategy for international upstream ventures, focusing on a material discovery with minimal contaminants.”

Petronas vice-president of exploration Mohd Redhani Abdul Rahman said: “The success of Roystonea-1 is expected to drive further exploration for commercially viable hydrocarbon resources in the surrounding areas.

“Petronas will continue to work closely with the host authority, Staatsolie, and partners to unlock Suriname's hydrocarbon potential.”

In July 2023, Petronas Carigali, a subsidiary of the Malaysian-Government company, made six oil and gas discoveries in five blocks offshore Malaysia.

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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