Groundbreaking Investment: TotalEnergies and APA Corps Propel Suriname's Offshore Oil Ambitions

France's TotalEnergies and U.S. APA Corp have greenlit a $10 billion investment in Suriname's promising Block 58 oil and gas project. This venture, set to initiate in 2028, aims to revolutionize the small South American country's energy output, following the lead of neighboring Guyana.

France's TotalEnergies and the U.S.-based APA Corp announced a landmark investment decision on Tuesday for Suriname's prime oil and gas project, Block 58. The venture, valued at $10 billion, is expected to kickstart the nation's offshore production.

This move marks a significant step for Suriname, which aims to emulate neighboring Guyana's success. In 2019, Exxon Mobil-led consortium began developing over 11 billion barrels of oil and gas resources in Guyana, catapulting the country into a major production role. TotalEnergies targets the commencement of output from Block 58 in the first half of 2028.

The project will benefit from a state-of-the-art Floating Production Storage and Offloading (FPSO) facility being constructed in Asia, anticipated to be one of TotalEnergies' largest. TotalEnergies and APA Corp plan to develop the Sapakara and Krabdagu fields, rebranded as 'Gran Morgu,' which hold recoverable resources exceeding 700 million barrels. The announcement was made in the presence of Suriname's President Chan Santokhi, TotalEnergies CEO Patrick Pouyanne, and APA CEO John Christmann.

(With inputs from agencies.)