Yes, Suriname does have oil reserves.
More detailed answer to your question
Yes, Suriname does have oil reserves. According to a report from the United States Geological Survey (USGS), Suriname has significant untapped oil resources. This discovery has sparked interest and excitement within the global oil industry.
One interesting fact about Suriname’s oil reserves is that they are located offshore in the Guyana-Suriname Basin, an area that has gained substantial attention in recent years. This basin is known for its rich hydrocarbon potential and is estimated to contain billions of barrels of oil.
To shed light on the significance of this discovery, let’s turn to the words of Daniel Yergin, a renowned energy expert. He once said, “Offshore drilling has unlocked a new era of possibilities as vast deposits of oil and gas are being discovered around the world.”
Furthermore, here are some more interesting facts related to Suriname’s oil reserves:
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Potential Reserves: The USGS estimated that Suriname could possess up to 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas. These figures indicate the massive potential of the country’s hydrocarbon resources.
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Exploration Success: Suriname’s first significant offshore oil discovery was made in 2019 by a consortium led by Apache and Total. The discovery, known as the “Maka Central-1,” revealed substantial oil deposits, further confirming Suriname’s oil potential.
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Attracting Investment: Suriname’s oil discoveries have attracted international oil companies and garnered significant investment. This interest stems from the favorable geological structures and potential profitability of exploring and producing oil in the region.
Now, let’s take a look at a table showcasing countries with notable oil reserves in South America:
| Country | Estimated Oil Reserves (in billions of barrels) |
|---|---|
| Venezuela | 302.8 |
| Brazil | 12.5 |
| Colombia | 1.7 |
| Argentina | 0.5 |
| Suriname | 13.6 (estimated) |
| Guyana | 9 (estimated) |
| Ecuador | 8.3 |
| Peru | 8.07 |
| Bolivia | 5.5 |
| Chile | 0.15 |
This table provides an overview of the estimated oil reserves in South American countries, showcasing the considerable potential of Suriname alongside other regional players.
In conclusion, Suriname indeed has significant oil reserves, particularly in the offshore Guyana-Suriname Basin. The oil discoveries have attracted global attention and investment, offering the country a chance to tap into its immense hydrocarbon potential. As oil exploration continues, Suriname holds a promising future in the energy sector.
Video response to your question
In the video “Suriname and Guyana: Oil wealth or the environment • FRANCE 24 English,” the speaker highlights the significance of utilizing oil and gas revenue to foster economic diversification in Suriname and Guyana. Emphasizing the need to invest in sectors like agriculture, tourism, health, security, and infrastructure, they aim to ensure sustainable development for future generations. Additionally, the speaker discusses the potential advantages of carbon credits, stating that they could offer a more sustainable and enduring source of income in comparison to oil and gas.
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In 2021, Suriname’s proved crude oil reserves amounted to 89 million barrels. The South American country had one of the lowest proved reserves in Latin America and the Caribbean.
Suriname has at least three billion to four billion barrels of reserves, energy experts said, or up to half the new oil and gas discovered around the world last year.
So far, Suriname boasts only 5 billion barrels of proven oil reserves. But that figure is merely a fraction of what is believed to be held in the Suriname Basin. Seismic data obtained by Staatsolie, Suriname’s National Oil Company (NOC), suggests that the Suriname basin holds some 30 billion barrels of oil equivalent.
Aug 23 (Reuters) – APA Corp (APA.O), the parent company of oil and gas producer Apache, said on Tuesday it had discovered oil offshore Suriname at Baja-1 in Block 53 and abandoned the Dikkop well in Block 58 after striking water-bearing sandstones there.
Svetlana Doh, Upstream Oil&Gas Analyst at GlobalData, comments: “Results from the four discovery wells drilled in Suriname so far have showed excellent oil properties, with API ranging from 27° to 37°.
According to the U.S. Geological Survey, the Guyana-Suriname Basin could hold up to 32.6 billion barrels of undiscovered oil resources, underscoring the tremendous hydrocarbon potential that the countries share.
Crude Oil Production in Suriname remained unchanged at 14 BBL/D/1K in March from 14 BBL/D/1K in February of 2023. source: U.S. Energy Information Administration
APA Corp. has made an oil discovery offshore Suriname at the Baja-1 well in the country’s Block 53, its first on that block along the coast of the South American country, the company said Aug. 23.
The State Oil Company of Suriname (Staatsolie) produces a significant amount of oil from wells in the Tambaredjo area, from which some crude oil is exported, and production activities began at the neighbouring Calcutta field in 2006.
(Unlike Guyana, Suriname also has had on-shore oil production, producing some 16,000 barrels annually; 1928 was its discovery year and production began in 1982 through a state-owned company called Staatsolie.)
Suriname holds 99,980,000 barrels of proven oil reserves as of 2016, ranking 69th in the world and accounting for about 0.0% of the world’s total oil reserves of 1,650,585,140,000 barrels. Suriname has proven reserves equivalent to 21.1 times its annual consumption.
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Is Suriname oil rich?
Oil Reserves in Suriname
Suriname has proven reserves equivalent to 21.1 times its annual consumption. This means that, without Net Exports, there would be about 21 years of oil left (at current consumption levels and excluding unproven reserves).
How much oil does Suriname produce?
Over the last decade, crude oil production in the South American country has remained relatively stable, oscillating between 15 and 16 thousand barrels daily. As of 2021, Suriname’s proved oil reserves amounted to 89 million barrels.
Which country in the Caribbean has the most oil?
Trinidad and Tobago
The Caribbean nation with the most oil, as well as the most gas, is Trinidad and Tobago. In fact, oil has been a big part of its economy since the 1950s. The nation of Trinidad and Tobago is located near the South American country of Venezuela.
Does Guyana have a lot of oil?
The reply will be: Guyana, which has one of the world’s highest emigration rates with more than 55% of the population living abroad, now claims one of the world’s largest shares of oil per capita.
How much oil does Suriname have?
The response is: So far, Suriname boasts only 5 billion barrels of proven oil reserves. But that figure is merely a fraction of what is believed to be held in the Suriname Basin. Seismic data obtained by Staatsolie, Suriname’s National Oil Company (NOC), suggests that the Suriname basin holds some 30 billion barrels of oil equivalent.
Did APA find oil offshore Suriname?
As an answer to this: Aug 23 (Reuters) – APA Corp (APA.O), the parent company of oil and gas producer Apache, said on Tuesday it had discovered oil offshore Suriname at Baja-1 in Block 53 and abandoned the Dikkop well in Block 58 after striking water-bearing sandstones there.
Is Suriname’s oil boom finally gaining momentum?
Response: Indications are that Suriname’s own oil boom is finally gaining momentum. Apache Corporation announced a major oil discovery at its Block 58 in offshore Suriname at the end of July 2020. That came on the back of two earlier discoveries in the same Block in January and April 2020 respectively.
Why is Suriname a good country?
Response to this: One advantage for Suriname is that it has experience in producing small amounts of oil for domestic use and has its own national oil company, Staatsolie. Already oil companies have found roughly 10 billion barrels of probable recoverable reserves of oil and gas off the coast of neighboring Guyana. Adriana Loureiro Fernandez for The New York Times
Will Suriname become an oil production hot spot?
Answer: Recent exploratory success offshore Suriname, where several discoveries have been made in 2020, shows promise to become an oil production hot spot in the near to mid-term, according to GlobalData.
When was the first oil discovery in Suriname?
Answer will be: The first oil discovery in offshore Suriname was announced by Apache in January 2020, five years after ExxonMobil struck oil in neighboring Guyana in what is now the very prolific offshore Stabroek Block.
Is there oil in Block 58 in Suriname?
Response to this: Apache’s August 2022 oil discovery with the Baja-1 well in Block 53 offshore Suriname, which gave the former Dutch colony’s oil prospects a solid boost, also confirmed the considerable hydrocarbon potential thought to be contained in Block 58.
Why is Suriname a good country?
One advantage for Suriname is that it has experience in producing small amounts of oil for domestic use and has its own national oil company, Staatsolie. Already oil companies have found roughly 10 billion barrels of probable recoverable reserves of oil and gas off the coast of neighboring Guyana. Adriana Loureiro Fernandez for The New York Times