Announced by Suriname state-owned oil company and market regulator Staatsolie in August this year, the licensing round cements the country’s status as a rising frontier in the global energy market, with significant offshore discoveries positioning it for major economic transformation.

Offshore Sector Expansion

The joint study and technical evaluation agreements will permit companies to conduct early-stage studies before committing to exploration drilling, while the production sharing contracts involve operators funding exploration and production in exchange for a share of hydrocarbons revenues. Staatsolie noted that almost half of Suriname’s offshore acreage is already under contract, making the open-door round critical for tapping unleased blocks and attracting new international investment.

Suriname’s oil sector has emerged as a rising frontier in the global energy market, driven by significant offshore discoveries. Current production remains limited to onshore fields – Tambaredjo and Calcutta – which together produce around 16,500 barrels per day (bpd). However, the first deepwater development, the GranMorgu project, is expected to transform the sector. The project, combining the Sapakara South and Krabdagu fields in Block 58, reached a final investment decision in Q4 2024. With energy major TotalEnergies (50%) and APA Corporation (50%) as operators, GranMorgu is projected to produce up to 220,000 bpd from a new FPSO vessel by 2028. The development prioritizes sustainability, featuring an all-electric FPSO, zero routine flaring and full reinjection of associated gas. Over its lifetime, the project is expected to generate between $16 billion and $26 billion in net state income.

Intensifying Exploration Momentum

Exploration activity across the Guyana-Suriname basin has intensified in recent years. TotalEnergies’ Block 58 has yielded five major discoveries since 2020, while multinational oil and gas company Petronas’ Block 52 has three confirmed finds, including the Fusaea-1 discovery in May 2024. Other international players including Shell, Chevron and QatarEnergy are conducting drilling of 3D seismic surveys in Blocks 6, 8 and 64, signaling robust investor confidence in the basin’s potential.

Suriname’s offshore licensing history demonstrates a methodological approach, with previous rounds including Shallow Offshore (SHO1) in 2020-2021, the Deepwater Demerara round in 2022-2023 and Shallow Offshore (SHO2) in 2023-2024. With the November 2025 open-door offering, Staatsolie is providing flexibility and early access to exploration acreage, positioning the country as a fast-growing oil and gas investment hub in the Caribbean.

Suriname’s accelerated exploration and upcoming licensing round will take center stage at Caribbean Energy Week (CEW) 2026, where the country will host regional leaders and global investors in Paramaribo. As Suriname positions itself as a Caribbean energy hotspot, CEW 2026 will provide a pivotal platform to showcase new opportunities, advance partnerships and drive investment into its emerging offshore industry.

Join us in shaping the future of Caribbean energy. To participate in this landmark event, please contact sales@energycapitalpower.com.