TotalEnergies anounces the launching of a large Oil Project Offshore of Suriname
Paris, September 13, 2023 – On the occasion of the meeting held in Paramaribo between Patrick Pouyanné, Chairman and CEO of TotalEnergies, H.E. Chandrikapersad Santokhi, President of Suriname, and Annand Jagesar, CEO of Staatsolie, TotalEnergies has announced the launching of the development studies for a large oil project in Block 58, offshore Suriname.
Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three wells, and confirmed combined resources close to 700 million barrels for the two fields. These reserves, located in water depths between 100 and 1,000 meters, will be produced through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) located 150 km off the Suriname coast, with an oil production capacity of 200,000 barrels per day. The project will represent an investment of approximatively $9 billion.
The detailed engineering studies (FEED) will start by end 2023 and the Final Investment Decision is expected by end 2024 with a first production target in 2028.
TotalEnergies is committed to the authorities of Suriname to develop this project in a responsible manner, both by ensuring benefits in terms of job creation and economic activities for Suriname and by using the best available technologies to minimize greenhouse gas emissions. In particular, the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs. During the upcoming development and production phases, TotalEnergies will continue working closely with the national oil company Staatsolie to reinforce the actions in favor of local content. These actions have already allowed the training of more than 80 people for logistic base operations in Paramaribo during the
exploration and appraisal phases.
“The Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname. We will thus contribute to improving the well-being of the people of Suriname”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“Suriname is going through a challenging economic period. This announcement provides the much-needed outlook towards positive developments for our nation. We are confident that the Surinamese people will benefit from the economic spin-off that will be generated in the next phases. Local entrepreneurs will have to seize the opportunities to provide their services and goods. We will make sure that future income from the offshore oil and gas will be spent wisely. Those incomes will contribute to the prosperity and stability fund, and will be a means to diversify our economy by developing sustainable sectors such as agriculture and tourism” saidHis Excellency Chandrikapersad Santokhi, President of the Republic of Suriname.