Petronas expands Suriname footprint and picks Halliburton’s solutions for asset optimization

Malaysia’s state-owned energy company Petronas has inked two deals: one to acquire the operatorship of a deepwater exploration block offshore Suriname and the other to deploy technology aimed at advancing subsurface modeling and reservoir management exploration across its assets.

Petronas’ Surinam-based affiliate has signed a production sharing contract (PSC) with Staatsolie Maatschappij Suriname and its wholly-owned subsidiary, Paradise Oil Company (POC), for Block 66, located in the deepwater region off Suriname. Petronas will be the block’s operator with an 80% participating interest, while POC will hold the remaining 20%.

The PSC includes a firm commitment to drill two exploration wells during the first phase of the exploration period, targeting drill-ready prospects that the Malaysian player believes offer “significant” resource potential.

The latest addition brings Petronas’ offshore interest in Suriname to six blocks: 48, 52, 53, 63, 64, and now 66, with four oil and gas discoveries made to date, while discoveries in Block 52 are said to be undergoing evaluation.  

The latest asset is situated directly next to Block 52, where Petronas has recorded what it says are a series of exploration and appraisal successes. The Malaysian player is optimistic that the momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area.

Wison New Energies (WNE) recently won a detailed feasibility study (DFS) for a newbuild floating liquefied natural gas (FLNG) facility set to work at Block 52. The block’s operator and sole owner is Petronas, since its former partner, ExxonMobil Exploration & Production Suriname, decided to exit the block in late 2024.

Spanning approximately 3,390 square kilometers in size, Block 66 is located in the deepwater in the western part of the Suriname-Guyana Basin, with water depths ranging from 1,000 to 2,200 meters. It borders Block 52 to the south and Block 58 and Block 53 to the west. 

According to Staatsolie, the signing of the PSC brings the percentage of Suriname’s offshore area under contract to around 50%. This aligns with the firm’s strategy to develop Suriname’s oil and gas potential with international partners.

Petronas’  Vice President of International Assets of Upstream, Mohd Redhani, said: “This acquisition marks a pivotal step in PETRONAS’ expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. With its prime location and significant resource potential, Block 66 complements PETRONAS’ existing deepwater portfolio.”

This follows a range of deals Petronas entered into lately, including a PSC extension with ENEOS, a new PSC with Idemitsu Kotsan, and LNG deals with Woodside and Commonwealth LNG.

Halliburton disclosed having entered into a strategic collaboration with Petronas for the latter to deploy two solutions developed by its Landmark unit: Geosciences Suite and Unified Ensemble Modeling.

As these are aimed at advancing subsurface modeling and reservoir management exploration, the U.S. player claims the time to first oil will be reduced, which is expected to accelerate hydrocarbon monetization.

According to Halliburton, the deal follows a comprehensive benchmarking of Petronas’ greenfield and mature reservoir practices. The new approach will incorporate multi-scenario probabilistic modeling, supported by AI and machine learning, envisioned to drive greater efficiency and insight.

“We transform subsurface modeling through proven differentiated technologies to solve unique challenges. When we unite exploration and development teams, we help our customers generate returns faster and maximize asset value,” said Tony Antoun, Senior Vice President, Landmark Software and Services.

The solutions’ scalable earth modeling and ensemble workflows represent an upgrade from traditional grid-based modeling and deterministic reservoir forecasting. As explained, these technologies are intended to enable Petronas Carigali exploration and asset teams to collaborate in real time using a unified live earth model, to achieve more accurate reserve estimations through ensemble modeling.

The Geosciences Suite combines innovative technology and tightly integrated cross-domain workflows to help increase subsurface understanding and provide valuable insights to help maximize asset value. Its dynamic end-to-end workflows help characterize the subsurface and reduce the uncertainty of complex environments to help ensure confident well placement.

With the Unified Ensemble Modeling solution, teams can automate the creation of multiple geological scenarios based on probabilities and real-time reservoir data. This is said to improve forecast accuracy, speed up analysis, and increase confidence in decision-making.

“A harmonized, AI assisted workflow anchored on a single live-earth model across the exploration and development phases is central to our strategy in achieving our ambitious project delivery targets,” said Hazli Sham Kassim, Senior Vice President of Malaysia Asset and CEO of Petronas Carigali.

Earlier this month, Halliburton’s solutions were picked by Repsol Resources UK, a subsidiary of Spain’s Repsol. The U.S. player will provide subsurface technology, drilling and completion services, as well as digital solutions for oil and gas assets in the UK sector of the North Sea.