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UK Trade Authority Probes Steel Import Quotas

UK Trade Authority Probes Steel Import Quotas

The UK's Trade Remedies Authority…

APA Announces Positive Results From Suriname Drilling

APA has confirmed a previously discovered oil resource offshore Suriname extends into an area where it has drilled another appraisal well.

Reuters noted in a report on the news that APA’s exploration activities in Suriname are being watched closely because of the country’s close proximity to Guyana and the possibility that it could be home to substantial oil and gas reserves like its neighbor.

According to APA, the combined resources of the two discoveries it has already made offshore Suriname, the Sapakara and Krabdagu, could top 800 million barrels of crude.

APA Corp. partners with TotalEnergies in Suriname, with a 50:50 split of the stakes in the Block 58 exploration project. So far, the two have drilled two appraisal wells and another two are scheduled for drilling in the block that the two companies are exploring.

While drilling offshore Suriname holds the potential for some major new discoveries nothing is guaranteed. Last year APA ended drilling at another part of Block 58, which it explores with TotalEnergies, because it had failed to find any commercial oil.

According to the U.S. Geological Survey, the Guyana-Suriname Basin could hold up to 32.6 billion barrels of undiscovered oil resources, underscoring the tremendous hydrocarbon potential that the countries share. It is estimated that Suriname's offshore oil discoveries held recoverable oil resources of nearly 2 billion barrels as of the end of 2021.

APA Corp. and TotalEnergies have so far announced five discoveries in the block, prompting predictions that the South American nation could soon start commercial production of crude and reach a daily output rate of 650,000 barrels by 2030.

Last year, Suriname tendered six other offshore blocks and received multiple offers for three of them. The names of the winning bidders are to be revealed at the signing of the production-sharing agreements.

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By Charles Kennedy for Oilprice.com

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