Chairman and Chief Executive Officer of TotalEnergies, Patrick Pouyanné, met on Tuesday in Paramaribo with Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, Chief Executive Officer of Staatsolie, Suriname’s National Oil Company, to announce the Final Investment Decision (FID) for the GranMorgu development located on offshore Block 58.
TotalEnergies in a statement on Tuesday explained that the GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, on which a successful exploration and appraisal campaign was completed in 2023.
The fields are located 150 km off the coast of Suriname and hold recoverable reserves estimated at over 750 million barrels.
The project includes a 220,000 barrels of oil per day Floating Production Storage and Offloading (FPSO) unit, that replicates a proven and efficient design.
Total investment is estimated at around $10.5 billion and first oil is expected in 2028. The GranMorgu FPSO is designed to accommodate future tie-back opportunities that would extend its production plateau.
TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corporation (50%).
Already, Staatsolie has announced its intent to exercise its option to enter the development project with up to 20% interest.
Partners agreed that Staatsolie will contribute to the project from FID and will finalise its interest before June 2025.
