Suriname’s state-owned oil company Staatsolie has officially approved the commercial declaration of the Sloanea gas discovery made by Malaysia’s Petronas in one of the country’s most promising offshore areas, Block 52.
The announcement on Thursday marks a major milestone in the development of Suriname’s offshore oil and gas industry and highlights the strong partnership between Staatsolie and Petronas Suriname Exploration and Production.
The collaboration between Staatsolie and Petronas began in 2013 with the signing of the Production Sharing Contract (PSC) for Block 52. Since then, three discoveries have been made within the block.
Petronas serves as the operator with an 80% stake, while Paradise Oil Company (POC) – a wholly owned subsidiary of Staatsolie – holds the remaining 20%.
In late 2020, Petronas drilled the Sloanea-1 exploration well, which confirmed the presence of a gas reservoir. Following the PSC framework, Staatsolie and Petronas jointly evaluated the commercial potential of the find.
Their assessment led to the signing of a gas addendum to the contract, establishing the foundation for future development of the project.
To better define the size and potential of the Sloanea reservoir, Petronas Suriname drilled the Sloanea-2 appraisal well in 2024.
Extensive testing enabled a more accurate estimate of gas volumes and economically recoverable reserves.
The commercial field delineation approved by Staatsolie, defined in the PSC as the ‘Date of Declaration of a Commercial Field,’ signifies that the volume of recoverable gas is sufficient to make the project economically viable.
The proposed development concept includes gas production wells, subsea infrastructure, and a floating LNG facility (FLNG) – the first of its kind in the region.
The next phase of the process will see Petronas prepare and submit a development plan for Staatsolie’s approval. Following that, the partners will move toward a Final Investment Decision (FID), expected in the second half of 2026.
If the project proceeds according to plan, Suriname’s first offshore gas production is anticipated to begin in 2030, marking a significant step toward diversifying the nation’s energy portfolio and strengthening its position in the regional energy market.