TotalEnergies to Develop Oil Project Offshore Suriname

SEATTLE (Oil Monster): TotalEnergies announced that it has launched studies aimed at developing a large oil project in Block 58, offshore Suriname. The detailed engineering studies will commence by end-2023. A final investment decision is expected before the end of next year, with first production scheduled for 2028. The project will be built at an investment of around $9 billion.

TotalEnergies had completed the appraisal of the Sapakara South and Krabdagu oil discoveries last month, which confirmed that the combined recoverable resources of the two fields are close to 700 million barrels. A system of subsea wells connected to an FPSO nearly 150 kilometres off the coast of Suriname will be used for production, the company press release said.

The company noted that the project will be developed by employing the best available technologies in order to minimize greenhouse gas emissions. In addition to creating jobs, it will contribute significantly to Suriname’s economy. The development will be done in partnership with the national oil company Staatsolie, it said.

Patrick Pouyanne, Chairman and CEO, TotalEnergies noted that the Block 58 development studies represent a major step towards the development of petroleum resources of Suriname. Furthermore, it will contribute to improving the well-being of the people of Suriname, he added.

YOU MAY ALSO BE INTERESTED IN:

Shell Plans to Boost Oil Production in Argentina Despite Price Restrictions

Goldman Sachs Sees Crude Oil Prices at Triple-Digits by End-2024