(Boursier.com) — On the occasion of the meeting held in Paramaribo between Patrick Pouyanné, Chairman and CEO of TotalEnergies, His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, CEO of Staatsolie, TotalEnergies announced the launch of development studies for a large oil project on Block 58, offshore Suriname. TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation (50%).
Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed last August with the drilling and production testing of three wells and confirmed cumulative resources of nearly 700 million barrels for the two fields. These reserves, located between 100 m and 1000 m water depth, will be produced by a system of underwater wells connected to an FPSO (floating production, storage and loading unit) located 150 km from the coast of Suriname, with a capacity of 200,000 barrels per day. This project represents an investment of approximately $9 billion.
Detailed engineering studies (FEED) will begin by the end of 2023 and the final investment decision is expected by the end of 2024 with a production target in 2028.
TotalEnergies is committed to the Suriname authorities to develop this project responsibly, both by ensuring the benefits in terms of employment and economic activities for Suriname, but also by implementing the best technologies available to minimize greenhouse gas emissions. In particular, the facilities will be designed for zero flaring, with the associated gas fully re-injected.
For the upcoming development and production phases, TotalEnergies will continue to work closely alongside the national oil company Staatsolie to strengthen actions in favor of local content. These actions have already enabled the training of more than 80 people for operations at the Paramaribo logistics base during the exploration and assessment phases.
“The development studies for Block 58 that we are launching today constitute a major step towards the development of Suriname’s petroleum resources. This development is part of TotalEnergies’ strategy which aims to develop low-cost and low emissions and draws on our company’s expertise in deep water developments. We will thus contribute to improving the well-being of the inhabitants of Suriname”, declared Patrick Pouyanné, Chairman and CEO of TotalEnergies.
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