The giant TotalEnergies announces a new agreement to exploit fossil fuels. The deal exceeds $10 billion for gas and oil fields in Suriname.
TotalEnergies continues its investments in fossil fuels
TotalEnergies, the world leader in the energy sector, hasAnnounces investment of approximately $10.5 billion in oil and gas fields located in Suriname. This strategic decision is part of the company’s desire to increase its activities in the field of fossil fuels such as gas and oil. Furthermore, this major investment could transform the energy industry in this South American region. Moreover, These are deposits buried under the sea. It will therefore be the first offshore project for the small state. According to initial studies, the deposit could offer 750 million barrels. But above all, bring back the modest sum of a vingty billions of dollars in Suriname.
Indeed, Suriname, a neighboring country to Guyana, has become a focal point for giants in the energy sector. The reason: vast untapped reserves of oil and gas. By investing in these resources, TotalEnergies aims to strengthen its position in Latin America, but also to guarantee a stable source of energy supply for years to come. Thus, this project, which extends over several years, includes the development of new extraction fields and associated infrastructure to maximize production. In fact, operation by the French giant must begin in 2028.
The geopolitical and economic context
This investment comes at a key time when global demand for oil and gas remains strong, despite growing efforts to transition to renewable energy sources. Suriname, with its unexploited reserves, represents a unique opportunity for TotalEnergies to secure long-term resources. Additionally, the Guyana-Suriname region is currently one of the most dynamic areas pfor oil discoveries, attracting many major players in the sector.
TotalEnergies also collaborates with local companies and other international partners to ensure the exploitation of the deposit. Finally, this is also good news for employment. The project should create 6,000 jobs including 2,000 direct and 4,000 induced, indicates the company. Still, for the planet, this project is not necessarily good news.
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