Weekly Report - 01 September 2022 (WR-22-35)

SURINAME | Oil strike. On 23 August US oil company APA Corp (formally known as Apache) said it had discovered light oil in the Baja-1 well in offshore Block 53, in what it described as a “good quality reservoir”. ExxonMobil has made massive offshore discoveries in neighbouring Guyana, estimated to hold near 11bn barrels of oil equivalent. APA had earlier had disappointing results from another Block 53 well. It is the block operator with 45% stake; Malaysia’s Petronas holds 30%, and CEPSA of Spain has the remaining 25%. Suriname could end up enjoying an oil-led boom similar to the one developing in Guyana, but both countries are seeking to build cooperation in trade, investment, infrastructure, agriculture, and tourism to build a sustainable future.

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