(AOF) – TotalEnergies, the Republic of Suriname and Annand Jagesar, general director of the national oil company Staatsolie Maatschappij Suriname announced the final investment decision for the “GranMorgu” project on offshore block 58. This project will develop the oil discoveries of Sapakara and Krabdagu fields, which were the subject of an exploration and positive appraisal campaign completed in 2023. These fields are located 150 kilometers off the coast of Surinamese and contain recoverable reserves estimated at more than 750 million barrels.
The project includes a floating production, storage and offloading (FPSO) unit with a capacity of 220,000 barrels per day, based on the design bases of proven units.
The total investment is estimated at around $10.5 billion and production is expected to start in 2028. The GranMorgu FPSO has been designed to enable the future connection of satellite fields which will allow it to extend the life of its plateau of production.
TotalEnergies is the operator of block 58, of which it holds 50% alongside APA Corporation (50%). Staatsolie announced its intention to exercise its option to enter the development project with a stake of up to 20%. The partners agreed that Staatsolie will finalize its participation before June 2025.
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Biogas to green activities
Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. Oil groups have strong ambitions in the field, as two recent operations reveal. The British BP took over the American Archaea Energy for 4.1 billion dollars. Then, the Anglo-Dutch Shell announced the acquisition of the Danish Nature Energy for $2 billion. These operations display high valuation levels, highlighting the strong potential of the sector. TotalEnergies had already taken a stake in the American Clean Energy Fuels Corp in 2018, of which it now holds 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.