Suriname Strikes Massive Offshore Oil Discovery—Here’s How the Caribbean Nation Could Become the Next Energy Powerhouse

Paramaribo, Suriname — Suriname’s burgeoning offshore energy sector took a decisive step forward this week as state-owned Staatsolie and Malaysia’s Petronas signed a production-sharing contract (PSC) for Block 66, a 3,390-km² deep-water license in the Suriname-Guyana Basin. Under the agreement, Petronas secures an 80 % operating stake through its subsidiary Paradise Oil Company, while Staatsolie retains 20 % and an option to increase its participation during development phases. The PSC obliges Petronas to drill at least two exploration wells during the first exploration period, targeting prospects lying 1,000–2,200 m below the Caribbean Sea. Block 66 borders Block 52, where Petronas has already logged four discoveries and is appraising combined crude-oil and natural-gas resources estimated at more than one billion barrels of oil equivalent. Executives believe seismic similarities between the blocks could fast-track new finds and create synergies with existing appraisal work. For Suriname, the deal is another vote of confidence in the basin’s geology and the country’s revamped fiscal terms. Nearly half of the nation’s 60-plus offshore blocks are now under contract, shared among majors such as TotalEnergies and APA Corporation as well as independents focused on gas-to-power schemes. Industry analysts forecast first commercial oil from the basin as early as 2028, potentially transforming the USD 4 billion economy into one of South America’s newest petro-states. Staatsolie CEO Rudolf Elias said the agreement “cements Petronas as a long-term partner and accelerates our goal of responsible hydrocarbon development that delivers jobs, foreign exchange, and technology transfer.” The PSC contains local-content clauses that prioritize Surinamese suppliers and a social-investment plan targeting coastal-community resilience against climate impacts. Petronas Vice-President for International Assets Upstream Mohd Redhani Abdul Rahman called Block 66 “a pivotal step in expanding into the prolific Suriname-Guyana hydrocarbon fairway,” noting that the company’s regional portfolio now spans six blocks and positions it as the basin’s second-largest acreage holder. Market reaction has been upbeat. Upstream service companies have already begun bidding on 3D seismic re-processing contracts, and Paramaribo hotels report a spike in occupancy as technical teams mobilize. Financial analysts at Caribbean brokerage First Citizens predict the PSC could attract up to USD 500 million in exploration spending over the next five years, boosting Suriname’s GDP growth by 1–1.5 percentage points annually if discoveries proceed to development. Environmental groups, meanwhile, insist that exploration be balanced with conservation of Suriname’s biodiverse coastal mangroves. Staatsolie says all drilling plans will undergo a full environmental- and social-impact assessment conforming to IFC performance standards. With elections scheduled for May 2025, the government is keen to showcase tangible progress on energy projects without triggering resource-nationalism fears. The Ministry of Natural Resources confirmed that future revenue will flow into a sovereign wealth fund modeled on Norway’s Government Pension Fund Global, aimed at shielding the economy from commodity-price swings. Exploration drilling in Block 66 is expected to start in Q4 2026 after rig procurement and well-site surveys are completed. Success would reinforce the narrative that the Suriname-Guyana Basin is the world’s foremost deep-water frontier play, extending the string of discoveries that began on Guyana’s Stabroek Block and have already surpassed 11 billion barrels of recoverable resources. Keywords: Suriname, Petronas, Staatsolie, Block 66, Suriname-Guyana Basin, deep-water exploration, offshore oil, production-sharing contract, Paramaribo economy, South America energy.