On the occasion of the 2024 Suriname Energy Oil and Gas Summit, Javier Rielo, senior vice president Americas, Exploration & Production for TotalEnergies, and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V., the Suriname National Oil Company, announced several significant steps towards the final investment decision of the development of offshore Block 58. This decision is expected in the fourth quarter of 2024, with production start-up slated for 2028.

TotalEnergies is the operator of Block 58, holding a 50 percent interest alongside APA Corporation, which also holds a 50 percent interest. Staatsolie has the option to enter the development project with up to a 20 percent interest upon FID.

Engineering studies are progressing for the development of the Sapakara and Krabdagu fields, with combined recoverable resources estimated at above 700 million barrels. This is largely due to the integration of Water Alternating Gas injection technology, which aims to maximise recovery. Ocean Bottom Node seismic technology will also play a crucial role in maximising resources and optimising the placement of development wells, as well as identifying potential resource upsides. A first OBN campaign covering 900 km² will be carried out in the second half of 2024.

Several key milestones have recently been reached on the path towards FID. An agreement was concluded between Staatsolie and TotalEnergies on the field development area, maximising the value for Suriname and the Block 58 co-venturers over the 25-year production period. Additionally, the hull for a 200,000 barrels of oil per day floating production storage and Offloading unit has been secured.

TotalEnergies is committed to developing this project responsibly, utilising advanced technologies to minimise greenhouse gas emissions. The facilities will be designed for zero routine flaring, with all associated gas reinjected into the reservoirs. During the development and production phases, TotalEnergies will work closely with Staatsolie to enhance local content, as demonstrated during the exploration and appraisal phases, with over 80 people trained for logistics operations in Paramaribo.

“We are glad to progress together with Staatsolie and APA towards the FID of Block 58, which will be the next milestone in the partnership between Suriname and TotalEnergies. Our company is deploying advanced technologies to minimise environmental impact and maximise resource recovery, while focusing on ensuring economic benefits for the country,” said Javier Rielo, senior vice president Americas, Exploration & Production at TotalEnergies.

“Staatsolie is happy to progress towards the development of this project with a world-renowned partner in such a way that Suriname optimally benefits not only from large financial streams but also from a design and execution that will safeguard safe and clean operations,” said Annand Jagesar, CEO of Staatsolie.

For more information visit www.totalenergies.com

5th June 2024