Another major oil discovery off the coast of Suriname | Financial

The find was made at the well Krabdagu-1, in the central area of ​​block 58 off the coast of Suriname. This follows previous discoveries of oil by TotalEnergies and Apache in the area. The two companies each have a 50 percent interest in the oil extraction partnership in Suriname.

“This result encourages us to continue our strategic exploration and assessment of productive block 58 to identify sufficient resources by the end of 2022,” Kevin McLachlan, senior vice president of oil exploration at TotalEnergies, said in a statement.

Several oil discoveries have been made in Surinamese waters in recent years and Shell has already announced that it will look for oil in the area. The Surinamese state-owned company Staatsolie has previously said it expects the first oil to be sold at the beginning of 2025. As it stands, Suriname will be able to profit well from the oil revenues in the coming years.

Since the 1940s, the bauxite industry has been the most important economic activity in Suriname. However, due to falling aluminum prices, bauxite activities declined and mining has now completely stopped.

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