KUALA LUMPUR (June 30): Malaysia’s national oil company PETRONAS said on Tuesday it has made two new discoveries in Suriname's offshore Block 52.

The exploration wells, codenamed Caiman-1, encountered oil while Swartzia Aspasia Complex-1 found natural gas, the company officially known as Petroliam Nasional Bhd said in a statement. Further, the Roystonea-2 appraisal well drilled indicates high oil yield, PETRONAS noted.

Together with earlier successful wells, PETRONAS said it has unlocked recoverable resources of more than one billion barrels of oil equivalent from the eight wells off the South American nation.

“Block 52 sits within a highly prospective corridor, the Golden Lane, and we remain focused on translating this resource base into long-term value for Suriname and for PETRONAS,” said Mohd Jukris Abdul Wahab, the chief operating officer and head of upstream.

PETRONAS operates Block 52 with 80% participating interest, while the remaining 20% is held by Surinamese state-owned company Staatsolie Maatschappij Suriname NV.

Apart from Block 52, PETRONAS has stakes in seven other offshore blocks in Suriname — Blocks 9, 10, 48, 53, 63, 64, and 66.

The latest successes build on the commerciality declared for the Sloanea gas field in November 2025, with a final investment decision on its development targeted by the end of this year, PETRONAS said.

“They further strengthen the case for multiple oil and gas developments in Block 52 and Suriname’s emergence as a significant deepwater hub in the Suriname-Guyana basin,” the company added.

A final investment decision in the oil-and-gas industry typically takes years and is a sign that a project will proceed following extensive studies and planning. The project owner then approves the budget, allowing contractors to acquire materials as well as equipment to begin work.