TotalEnergies has initiated the preparatory studies for the major exploration venture in Block 58, situated offshore of Suriname, marking a pivotal step forward in the large-scale oil project. The company holds a commanding stake in the operation, with a 50% interest, complemented by a matching 50% share held by APA Corporation.
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 recoverable resources close to 700 million barrels 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 an FPSO (Floating Production, Storage, and Offloading unit) located 150 km off the Suriname coast, with an oil production capacity of 200,000 barrels per day. The project will represent an investment of approximately $9 billion.
The detailed engineering studies (FEED) will start by the end of 2023, and the Final Investment Decision is expected by the end of 2024, with a first production target in 2028.
TotalEnergies is committed to the authorities of Suriname to 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.
“The Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname. This development is in line with TotalEnergies’ strategy aiming at the development of low-cost, low-emissions oil resources and leverages our company’s expertise in deepwater projects. We will thus contribute to improving the well-being of the people of Suriname,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Since establishing its presence in Suriname in 2019 through initiatives in Block 58, TotalEnergies has overseen five notable discoveries in the region. Building on this foothold, the company expanded its exploratory endeavors to include Blocks 6 and 8, a venture initiated in 2023.”
