TotalEnergies’ expansion bolsters Suriname’s offshore oil prospects – Eyes on Suriname
TotalEnergies’ concerted efforts in expanding its portfolio in Suriname’s offshore basin, notably with the recent signing of a production sharing contract for Block 64 alongside QatarEnergy and Petronas, hold significant promise for the country’s offshore oil production landscape.
Block 64, covering a vast expanse of 6,262 km2 and situated approximately 250 km offshore, marks TotalEnergies’ latest venture in Suriname. Under the agreement, TotalEnergies will spearhead operations, holding a 40% interest, with QatarEnergy and Petronas sharing the remaining 60%.
TotalEnergies’ involvement in Suriname’s oil sector is not limited to block 64. The company currently operates block 58 with a 50% interest, where five noteworthy discoveries have been made. Development studies are underway in Block 58, aiming to greenlight an ambitious 200,000 barrels per day (bpd) oil project by the close of 2024.
Block 58 stands out as Total’s flagship asset. Total and its partner on the block, APA Corporation, unveiled plans on September 13 to invest a substantial US$9 billion in the development of block 58, targeting the significant oil reservoirs nestled within the Sapakara South and Krabdagu fields, estimated at nearly 700 million barrels collectively.
The Sapakara South and Krabdagu reservoirs, nestled at water depths spanning from 100 to 1,000 meters, will undergo extraction utilizing cutting-edge technology. Employing a floating production, storage, and offloading (FPSO) vessel with a capacity of 200,000 bpd, these reservoirs will be tapped via subsea wells.
TotalEnergies’ dedicated investments in Suriname’s offshore assets signal a promising future for the nation’s oil industry. Not only do these initiatives strengthen Total’s position in the region, but they also underscore Suriname’s potential emergence as a notable player in the global energy market.
Suriname’s neighbor, Guyana, has rapidly emerged as a key player in the global oil and gas arena, undergoing a transformative journey in oil exploration and development. With significant offshore discoveries made in its Stabroek block by ExxonMobil, Guyana has seen an exponential rise in its reserves, positioning the nation as one of the world’s top oil producers in the coming years. Leveraging its burgeoning oil industry, Guyana has been proactive in attracting investment and establishing partnerships to optimize its newfound resources, paving the way for substantial economic growth and national development.
As Suriname navigates its path in the oil sector, the South American nation is poised to become a pivotal player in shaping the future energy landscape of the region, alongside its neighbor.