Petronas Expands Operations in Suriname and Collaborates with Halliburton

Malaysia’s state-owned energy company Petronas has recently made significant moves in Suriname, signing deals to acquire a deepwater exploration block and deploying advanced technology for reservoir management. Additionally, a strategic collaboration with Halliburton aims to enhance exploration efforts.

Petronas Acquires Operatorship of Block 66 in Suriname

Petronas’ affiliate in Suriname has secured a production sharing contract with Staatsolie Maatschappij Suriname and Paradise Oil Company for Block 66, a deepwater exploration area offshore Suriname. As the operator with an 80% participating interest, Petronas plans to drill two exploration wells in the initial phase to tap into what it believes is a substantial resource potential.

Block 66 joins Petronas’ existing offshore assets in Suriname, including Block 52 where recent exploration successes have been recorded. The company is optimistic about the potential of Block 66, located adjacent to Block 52, and aims to leverage its experience and expertise in the region to unlock hydrocarbon resources.

Petronas Partners with Halliburton for Advanced Reservoir Management

As part of a strategic collaboration, Petronas will deploy Halliburton’s Geosciences Suite and Unified Ensemble Modeling solutions to enhance subsurface modeling and reservoir management across its assets. The aim is to reduce time to first oil, accelerate monetization of hydrocarbons, and drive greater efficiency through advanced technologies.

The solutions offered by Halliburton, including AI and machine learning capabilities, will enable Petronas to improve reserve estimations, enhance forecast accuracy, and streamline decision-making processes. The collaboration underscores Petronas’ commitment to innovation and maximizing asset value through cutting-edge technologies.

Conclusion

These recent developments highlight Petronas’ strategic expansion in Suriname and its focus on leveraging technology to optimize exploration and reservoir management. The acquisition of Block 66 and the collaboration with Halliburton signal a proactive approach towards unlocking the full potential of its assets and driving long-term value for the company.