TotalEnergies, Staatsolie tout progress on Suriname FID

PARAMARIBO, June 5, 2024 – TotalEnergies and Staatsolie have made significant progress on the final investment decision for Suriname’s Block 58, expected in Q4 2024, the companies announced on Wednesday.

A production start-up at the block is anticipated in 2028, with 25 years of output forecast.

The announcement was made at the Suriname Energy, Oil & Gas Summit and Exhibition (SEOGS) by Staatsolie CEO Annand Jagesar and TotalEnergies’ senior vice-president for the Americas, exploration & production Javier Rielo.

TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corporation, which also holds 50%. Staatsolie has the option to enter the development project with up to 20% interest upon FID.

The block’s Sapakara and Krabdagu fields are estimated to contain more than 700 million barrels of oil.

Milestones reached towards the FID include an agreement between Staatsolie and TotalEnergies on the field development area and securing the hull for the project’s 200,000-bopd FPSO.

“Staatsolie is happy to progress towards the development of this project with a world-renowned partner in such a way that Suriname optimally benefits not only from large financial streams but as well from a design and execution that will safeguard safe and clean operations,” Jagesar said.

Also commenting on the project, Rielo highlighted TotalEnergies’ efforts to minimise environmental impact while maximising resource recovery and ensuring economic benefits for Suriname.

Click here for a comprehensive overview of Suriname’s oil and gas sector.

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