Résumé :
- TotalEnergies invests $10 billion in offshore oil project in Suriname
- The final decision investment will be announced on October 2, 2024
- The project aims to production of 200,000 barrels per day
- Operations are expected to begin in 2028
Details of the Gran Morgu project
At the heart of this colossal investment is the Gran Morgu projectlocated in Block 58, approximately 140 km from the Surinamese coast. This block, explored by TotalEnergies since 2020revealed an impressive potential which justifies the scale of the investment.
The Gran Morgu oil fieldformerly known as Sapakara and Krabdagu, is believed to contain around 700 million barrels of recoverable oil. These considerable reserves put Suriname on the map of future major oil producers in the region. TotalEnergies targets production of 200,000 barrels per dayan objective which, if achieved, will propel Suriname among the major players in the oil sector in South America.
Geographic proximity to ExxonMobil’s massive discovery in neighboring Guyana, estimated at 11 billion barrels, reinforces theattraction of this area for oil giants. This emerging region of the Guyana-Surinamese basin could well become a new hot spot for the global oil industry in the years to come.
A strategic partnership for an ambitious project
The scale of the Gran Morgu project requires close collaboration between several key players. TotalEnergies do not embark on this adventure alone: the company holds 50% of Block 58while the American company APA Corporation owns the other half. This strategic partnership makes it possible to pool risks and expertise, essential for a project of this scale.
But perhaps the most interesting aspect of this distribution of shares concerns Staatsolie, the Surinamese national airline. The latter has in fact the right to participate up to 20% in the project. A golden opportunity for Suriname to keep a foothold in the exploitation of its own natural resources.
To finance its participation, Staatsolie plans to issue a third round of US dollar bonds in the first quarter of 2025. The move demonstrates Suriname’s commitment to playing an active role in developing its oil industry, while attracting crucial foreign investment.
The official announcement of this massive investment should take place during a press conference, following a meeting between Patrick Pouyanné, CEO of TotalEnergies, and Chan Santokhi, the president of Suriname.
Related News :