Production is expected to begin in 2028. French oil giant TotalEnergies announced on Tuesday, 1Ahem October an investment “around $10.5 billion” in oil and gas exploitation in Suriname.
The group took the “final investment decision” for the development of block 58 of the GranMorgu project, off the coast of Suriname, which includes a production unit with a capacity of 220,000 barrels per day. the project “It will develop the oil discoveries of the Sapakara and Krabdagu fields”about 150 kilometers from the coast. The reserves are estimated at “more than 750 million barrels”.
In September 2023, TotalEnergies announced the launch of the study of the project, then estimated at $9 billion. The French oil company has several exploration licenses off the coast of Suriname. “This emblematic project is the first offshore development in the country”stressed Patrick Pouyanné, CEO of TotalEnergies, quoted in the group’s press release.
In a press release, Suriname’s national company Staatsolie announced that “the majority” net income, which could reach between 16 and 26 billion dollars over the life of the oil field, “will return to the State of Suriname”.
TotalEnergies currently owns 50% of block 58 and the American company APA Corporation the remaining 50%. Staatsolie intends to assert its participation right of around 20%. Therefore, the group will issue a third series of bonds in US dollars, in the first quarter of 2025, to finance them, reported its CEO, Annand Jagesar. The project should lead to the creation of “more than 6,000 jobs (2,000 direct and 4,000 indirect and induced)”according to TotalEnergies.
