TotalEnergies Announces FID For Suriname Oil Project With $10.5 Bln Total Investment

(RTTNews) - TotalEnergies (TTE) announced Final Investment Decision or FID for the GranMorgu development located on offshore Block 58 in the Republic of Suriname with total investment of around $10.5 billion.

TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corp. (APA), which holds the remaining 50% stake.

TotalEnergies and its partner APA also signed a Memorandum of Understanding with the Health Ministry to support the rehabilitation of two mother and child hospitals in Paramaribo.

The GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, on which a successful exploration and appraisal campaign was completed in 2023. The fields, located 150 km off the coast of Suriname, holds recoverable reserves estimated at over 750 million barrels.

The project includes a 220,000 barrels of oil per day Floating Production Storage and Offloading or FPSO unit. Total investment is estimated at around $10.5 billion and first oil is expected in 2028.

The company noted that the GranMorgu FPSO is designed to accommodate future tie-back opportunities that would extend its production plateau.

Staatsolie has announced its intent to exercise its option to enter the development project with up to 20% interest. Partners agreed that Staatsolie will contribute to the project from FID and will finalise its interest before June 2025.

TotalEnergies added that significant investments will be made in local content and job creation and will contribute to the development of the Surinamese economy. Paramaribo will serve as the primary hub for administrative, support and logistic activities.

In the project, local companies will be involved in logistics, well services, as well as the installation and operations of the subsea systems and the FPSO.

Overall, local content is estimated to be more than $1 billion and would create more than 6000 jobs, including 2000 direct and 4000 indirect and induced jobs.