TotalEnergies to invest $10.5bn in Suriname offshore field

1st Oct 2024 14:44

(Sharecast News) - French oil major TotalEnergies announced on Tuesday it is investing $10.5bn into the GranMorgu offshore oil field in Suriname.

The field, which holds the Sapakara and Krabdagu oil discoveries, is located 150km off the coat and is forecast to hold recoverable reserves estimated at over 750 million barrels.

TotalEnergies is the operator of Block 58 - in which GranMorgu is located -and holds a 50% interest, while APA Corporation owns the remaining 50%, though Staatsolie is expected to exercise its option to enter the development project with up to 20% interest before June 2025.

The French outfit, which on Tuesday met with the President of the Republic of Suriname, Chandrikapersad Santokhi, said significant investments will be made in local content and job creation.

"I am very pleased to launch today the GranMorgu project alongside our partners Staatsolie and APA and I sincerely thank the State of Suriname for its strong support," said TotalEnergies' chair and chief executive Patrick Pouyanné.

"Launched only a year after the end of appraisal, GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects."

Shares were up 1.4% at €59.30 by the close of play in Paris.