ExxonMobil (XOM), Petronas Strike Major Find Offshore Suriname

Core Insights - ExxonMobil and Petronas have made a significant hydrocarbon discovery in Block 52 offshore Suriname, marking the third major find in the area since 2020, indicating the Suriname-Guyana basin's potential for substantial oil and gas reserves [1][5] Discovery Details - The Fusaea-1 exploration well, located 170 kilometers offshore and 9 kilometers east of the Roystonea-1 discovery, was drilled to a depth of 5,227 meters, encountering multiple oil and gas-bearing sandstone reservoirs from the Campanian age, with zero Lost Time Incidents during drilling [2] - Further evaluations are being conducted by Petronas and ExxonMobil to assess the full extent of the discovery and its integration with previous finds, Roystonea-1 and Sloanea-1 [2] Leadership Statements - Petronas' CEO emphasized that the Fusaea-1 results solidify the company's position in Suriname's hydrocarbon resources, building on previous discoveries [3] - The vice president of Exploration at Petronas noted that the success of Fusaea-1 reflects advancements in understanding the area, enhancing the potential for oil and gas development in Block 52 [3] Operational and Strategic Developments - Block 52 covers 4,749 square kilometers and is operated by Petronas with a 50% interest, while ExxonMobil holds the remaining stake, highlighting the strategic importance of the Suriname-Guyana basin for future energy development [4] - Petronas has awarded a drilling contract to Noble Corporation's Noble Voyager rig, with an extension option to continue drilling another well in Block 52 at a daily rate of $470,000 [4] - Petronas also operates Blocks 48 and 63 with a 100% interest and holds a 30% non-operating interest in Block 64, indicating a commitment to exploration and production activities in the region [4] Broader Implications - The discovery aligns with ExxonMobil and Petronas' strategy to expand their hydrocarbon portfolios, with Petronas recently signing a new production-sharing contract and achieving 19 exploration discoveries in Malaysia in 2023 [5] - The ongoing exploration and development efforts in Suriname's Block 52 are expected to significantly contribute to the global energy supply, supporting energy security [5]