The Demerara bidding round for 2022–2023 has been closed by Staatsolie. There were six offshore blocks up for grabs. Staatsolie claims that for three of the four blocks, it has received qualified bids from various businesses and/or consortia. Before June 30, 2023, the successful bidders will be notified so that the ensuing Production Sharing Contracts (PSCs) can be finalized. When the contracts are signed, the identities of the companies will be made public.
The Demerara bid period for Suriname lasted from November 2022 to May 2023. It featured deep water blocks that covered the Demerara Plateau, a geologically distinct formation, in the northeastern portion of Suriname’s offshore region.
Several operators, including Tullow Oil and Kosmos Energy, drilled in this area of the basin. Tullow discovered a non-commercial gas discovery in Block 54 in 2017 with the Araku 1 NFW, and between 2012 and 2015, three 3D seismic surveys were carried out there. The offer and Guyana’s were two that S&P Global had identified as having the potential to draw further investment necessary to promote the growth of a competitive global oil environment in December.
According to S&P, the governments of Guyana and Suriname have made it obvious to the market through these bidding rounds that they intend to thoroughly evaluate their hydrocarbon potential. Based on the discovery boom that has kicked off in the Stabroek bloc, S&P said all eyes are on the upcoming bidding rounds, which could discover more billions of barrels of natural resources that will be needed in the future, according to oil website OilNow.
