The CEO of Suriname’s state oil company is confident of a major oil find in Suriname’s offshore waters:

“It’s not a question of whether we will find oil offshore, it’s a question of when,” says Rudolf Elias, Managing Director and CEO. “Chances of success are greater than 50% and I don’t have any doubts – we are making ourselves ready for such an oil find.”

Staatsolie has seen roaring success in the past 37 years, producing over 109mn barrels of crude oil from the onshore Paleocene and Eocene reservoirs in Suriname.

Yet, offshore Suriname is virtually unexplored. Now, after finding a promising prospective oil reserve in the Guyana-Suriname Basin, the firm is preparing itself to hit big and, in doing so, it is set to become a major player in the oil industry.

Located off the north-eastern coast of South America and encompassing the coastal area of French Guiana, Suriname, Guyana and the eastern part of Venezuela, the prospective sedimentary basin is an exciting chapter in the company’s 37-year history.

The United States Geological Survey has ranked it second in the world for prospectivity amongst the world’s unexplored basins and 12th for oil among all the world’s basins explored and unexplored.

Offshore Guyana-Suriname might have one of the largest untapped oil reserves in South America. The region has all the markers of a next major oil province and it seems that Staatsolie is set to play a major part in this oil-rich future.

However, Staatsolie doesn’t underestimate the challenges that lie ahead and so it has established a thorough ‘strategy for success’ to assist it on this journey.

Read more in the full article at Energy Digital: Staatsolie Maatschappij Suriname N.V: Uncovering one of South America’s largest untapped oil reserve.

[Image: via oilnow.gy]