TotalEnergies reaches $10.5-billion FID in Suriname

PARAMARIBO, October 1, 2024 – TotalEnergies has reached an FID on the USD 10.5-billion GranMorgu project in Suriname, the company announced on Tuesday.

CEO Patrick Pouyanné flew to Paramaribo to make the announcement alongside Suriname President H.E. Chandrikapersad Santokhi and Staatsolie CEO Annand Jagesar.

Read our latest interview with Staatsolie’s Annand Jagesar here.

The GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, located in offshore Block 58, with first oil expected in 2028.

An exploration campaign in the area was wrapped up last year, and reserves were estimated at more than 750 million barrels.

The project will involve the installation of a 220,000-bopd FPSO.

TotalEnergies is the operator of Block 58 with a 50% interest, working alongside APA Corporation (50%), while NOC Staatsolie plans to exercise its option to enter the development project with an interest of up to 20%.

“Building on TotalEnergies’ pioneering spirit, this landmark project marks the first offshore development in the country and capitalizes on our extensive expertise in deep offshore innovation,” Pouyanné said.

“Launched only a year after the end of appraisal, GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects.”

Read more on Suriname’s burgeoning oil and gas sector here.

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