Suriname readies for its first offshore oil and gas project

TotalEnergies has begun FEED studies to develop Suriname’s first offshore oil and gas project on Block 58, the French energy giant reported on Wednesday.

Studies are expected to begin by the end of 2023, with the FID expected to be taken by the end of 2024.

In August 2023, the company performed appraisals of the concession’s two main oil discoveries, Sapakara South and Krabdagu, which confirmed combined recoverable reserves of almost 700 million barrels.

The company plans to develop the block using an FPSO located 150 kilometres off the coast with a capacity of 200,000 bpd.

TotalEnergies aims to begin production on the block in 2028.

Value of the project is estimated to be around USD 9 billion.

TotalEnergies operates Block 58 with a 50% stake alongside its partner APA Corporation who holds the remaining 50% stake.

“This announcement provides the much-needed outlook towards positive developments for our nation,” said Chandrikapersad Santokhi, President of Suriname.

“We are confident that the Surinamese people will benefit from the economic spin-off that will be generated in the next phases.”

Block 58 is adjacent to the prolific Stabroek block in Guyana where ExxonMobil and its partners have encountered 11 billion boe of recoverable resources.