Production is expected to start in 2028. French oil giant TotalEnergies announced Tuesday 1is 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, including a production unit with a capacity of 220,000 barrels per day. The project “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 flagship project is the first offshore development in the country”underlined Patrick Pouyanné, CEO of TotalEnergies, quoted in the group’s press release.
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In a press release, the Surinamese national company Staatsolie announced that “the majority” net revenues, which could reach between $16 and $26 billion over the life of the oil field, “will return to the State of Suriname”.
TotalEnergies currently holds 50% of block 58 and the American company APA Corporation the remaining 50%. Staatsolie intends to assert his participation rights to the tune of 20%. The group will therefore issue a third series of bonds in US dollars, in the first quarter of 2025, to finance them, reported its general manager Annand Jagesar. The project should result in the creation of “more than 6,000 jobs (2,000 direct and 4,000 indirect and induced)”according to TotalEnergies.
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