Suriname's Staatsolie has approved the commercial declaration of the Sloanea gas discovery by Malaysia's Petronas at one of the country's most promising offshore areas, Block 52, the state-run company said on Thursday.
The declaration follows a production sharing contract signed in 2013 to explore for oil and gas in the block, three discoveries and the confirmation of the gas in place. Petronas' Suriname unit is the area's operator with a 80%-stake, while the remaining 20% interest is held by Paradise Oil Company, a Staatsolie subsidiary.
The block's development concept includes gas wells, subsea infrastructure and a floating liquefied natural gas (LNG) facility, Staatsolie said in a release.
Petronas is now expected to submit a development plan for Staatsolie's approval, which could lead to a final investment decision in the second half of 2026 and first gas output in 2030, the state-run firm said.
(Reuters)