June 24, 2026 [Oil Price]- Malaysia’s state energy firm Petronas has made a natural gas discovery offshore Suriname, the country’s president said this week, as quoted by Reuters, expecting the Malaysian major to make the final investment decision on the development of Block 52 by the end of the year.

“To date, we have made eight successful exploration discoveries, unlocking over more than one billion barrels of oil equivalent, while continuing advancing lower-carbon solutions, safe operations and investment in people, technology and capability to create long-term value for the country,” the chief operating officer of Petronas said at an industry event, as quoted by Reuters.

Suriname, which shares offshore geological properties with its neighbor to the west, the oil hotspot Guyana, aims to become the new big oil and gas producer in South America by the end of the decade, repeating the success of its neighbor.

Several offshore blocks are being explored and developed by consortia led by international firms with Staatsolie’s participation, including Block 58, where TotalEnergies is developing a $10.5-billion oil project, GranMorgu, with first oil expected in 2028. This will mark the start of commercial production of hydrocarbons in the South American state.

In Block 52, operated by Petronas, three gas discoveries have already been made. The biggest, Sloanea, was declared commercial for gas late last year. Petronas and Staatsolie achieved a significant milestone with the Declaration of Commerciality of the Sloanea field, marking Suriname’s first gas development. The DoC confirms the project’s readiness to progress from discovery towards development, subject to the final investment decision, Petronas said in November.

“There are a few more surprises in store,” Suriname’s oil minister Patrick Brunings told Reuters this week, commenting on oil and gas exploration progress. “If we find a lot of gas, we can establish various industries, such as the bauxite industry and the petrochemical industry.”