TotalEnergies launches development studies for $9 billion oil project offshore Suriname

(WO) –TotalEnergies has announced the launching of development studies for a large oil project in Block 58, offshore Suriname. TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation (50%).

Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three wells, and confirmed combined resources close to 700 MMbbl for the two fields.

These reserves, located in water depths between 100 and 1,000 meters, will be produced through a system of subsea wells connected to a FPSO located 150 km offshore Suriname, with an oil production capacity of 200,000 bpd. The project will represent an investment of approximatively $9 billion.

The detailed engineering studies (FEED) will start by end 2023, and the Final Investment Decision is expected by end 2024, with a first production target in 2028.

TotalEnergies will develop this project in a responsible manner, both by ensuring benefits in terms of job creation and economic activities for Suriname, and by using the best available technologies to minimize greenhouse gas emissions.

In particular, the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs. During the upcoming development and production phases, TotalEnergies will continue working closely with the national oil company, Staatsolie, to reinforce the actions in favor of local content. These actions have already allowed the training of more than 80 people for logistic base operations in Paramaribo during the exploration and appraisal phases.

“Suriname is going through a challenging economic period. This announcement provides the much-needed outlook towards positive developments for our nation. We are confident that the Surinamese people will benefit from the economic spin-off that will be generated in the next phases.

“Local entrepreneurs will have to seize the opportunities to provide their services and goods. We will make sure that future income from the offshore oil and gas will be spent wisely. Those incomes will contribute to the prosperity and stability fund, and will be a means to diversify our economy by developing sustainable sectors such as agriculture and tourism” said His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname.

TotalEnergies has been present in Suriname since 2019 in Block 58, where five significant oil and natural gas discoveries have been made, and has also been exploring Blocks 6 and 8 since 2023.