From exploration to production: How Suriname is developing its offshore oil sector

Less than a decade after its first offshore oil discovery, Suriname is moving steadily from exploration success toward large-scale offshore production. This journey is accompanied by growing participation from international energy companies, including partners from China, and marks the country's emergence as a new offshore producer.

Located along the northern Atlantic margin of South America, Suriname forms part of the Guiana-Suriname Basin, one of the world's most closely watched offshore petroleum provinces. A series of discoveries in Suriname since 2019 has confirmed the country's potential and accelerated Suriname's shift from frontier exploration toward development and execution of major offshore projects.

Underlying this shift from exploration to development is a structured institutional framework led by Staatsolie, Suriname's National Oil Company. Staatsolie plays a central role in managing the country's petroleum resources and in setting up the conditions for offshore investment. Offshore activities are based on the Petroleum Law and governed through Production Sharing Contracts (PSCs), under which international oil companies conduct exploration and development while Staatsolie retains the right to participate in the development and production to safeguard long-term national value. This model has provided regulatory stability and predictability at a time of rising offshore interest, strengthening confidence of investors across the oil and gas value chain.

Within this governance framework, international cooperation has become an increasingly important driver of offshore progress. PetroChina entered Suriname's offshore sector in September 2024 through the signing of PSCs for Blocks 14 and 15, located in the eastern segment of the Guiana-Suriname Basin, adjacent to areas where hydrocarbons have already been identified. Through its subsidiary, PetroChina Investment Suriname B.V., the company obtained exploration, development and production rights, while Staatsolie participates with a 30 percent interest via its subsidiary Paradise Oil Company (POC). The partnership aligns PetroChina's upstream expertise with Staatsolie's deep basin knowledge and reflects growing international engagement across the country's offshore acreage.

This exploration momentum is further supported by large-scale data acquisition efforts and continuous analysis aimed at deepening geological insight across Suriname's offshore acreage. In the Shallow Offshore area, a multi-client 3D seismic survey was carried out in 2025/2026 by BGP Offshore, a Chinese geophysical company specializing in offshore seismic acquisition, in partnership with Staatsolie.

Suriname's open-door offering

To support continued exploration, Staatsolie introduced its Offshore Open-Door Offering in November 2025. The program makes approximately 60 percent of Suriname's offshore acreage available to qualified companies on a continuous basis, allowing applicants to propose tailored work programs. Through this mechanism, companies may select prospective acreage and choose between PSCs or Joint Study Agreements. The Open-Door Offering lowers entry barriers and encourages data-driven prospect maturation across both shallow and deepwater areas. For international explorers, it provides flexible access to one of the most promising offshore basins globally, supported by competitive fiscal terms and a stable and investor-friendly business environment.

GranMorgu development

While exploration continues across several offshore blocks, Suriname is also advancing into the production phase. The GranMorgu project, located in Block 58, represents the country's first deepwater oil development and a major milestone in its energy history. First oil is scheduled for 2028, with an expected production plateau of 220,000 barrels per day, marking Suriname's entry into offshore oil production at scale.

A defining feature of the GranMorgu development is the construction of Suriname's first Floating Production, Storage and Offloading (FPSO) vessel in China. The FPSO hull and topside modules are being fabricated and integrated in Chinese shipyards, including facilities operated by China Merchants Heavy Industry (CMHI), China Ocean Shipping Company (COSCO) and BOMESC Offshore Engineering Company Limited. In April 2026, the FPSO hull entered dry dock in China as part of an advanced construction phase, to be followed by topside integration and systems installation. Once completed, the vessel will sail from China to its offshore location 150 kilometers off the coast of Suriname.

Looking ahead, continued exploration activity is expected to attract additional participants to the basin, ultimately resulting in further discoveries. As first offshore oil production approaches, Suriname is positioning itself as an emerging offshore producer. The combination of exceptional geology and multiple proven petroleum systems, with attractive terms & conditions, low above-ground risks, and Staatsolie being a strong National Oil Company and Regulator, is set to define the next chapter of the country's offshore oil and gas development.