TotalEnergies launches development studies for $9-billion proposed oil project offshore Suriname

TotalEnergies SE has launched development studies for a large oil hub project in Block 58, in deep water offshore Suriname to develop the combined Sapakara and Krabdagu resource.

The studies “are a major step towards the development of the petroleum resources of Suriname” said Patrick Pouyanné, chairman and chief executive officer of TotalEnergies, at a meeting held in Paramaribo attended by Pouyanné; His Excellency Chandrikapersad Santokhi, president of the Republic of Suriname; and Annand Jagesar, chief executive officer of Staatsolie.

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. Confirmed combined resources are close to 700 million bbl for the two fields, the operator said (OGJ Online, Feb. 8, 2023; Feb. 21, 2022; July 29, 2021).

These reserves, in water depths of 100-1,000 m, will be produced through a system of subsea wells connected to a floating production, storage, and offloading unit sited 150 km off the Suriname coast, with an oil production capacity of 200,000 b/d. The project is expected to cost about $9 billion.

Detailed engineering studies (FEED) will start by end-2023 and a final investment decision is expected by end-2024 with first production targeted for 2028.

TotalEnergies is operator (50%) of the block, which comprises about 1.4 million gross acres in water depths ranging from less than 100 m to more than 2,100 m. APA Corp. holds the other 50%.