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Total Energies Suriname: Strategic Developments in Suriname

TotalEnergies is a multi-energy company which produces and markets fuels, natural gas and electricity with key operations and developments across the globe. With operations active in more than 130 countries, the global company is a leading energy player across international markets. For TotalEnergies providing energy, which is affordable, reliable, and accessible is its main goal, and so the company is constantly undertaking projects across the globe to continue to bring essential energy to the people and regions which need it most. 

A crucial development for the global company is in Suriname where it has been active for 4 years. In Suriname, TotalEnergies already has 5 significant discoveries across the Block 58 offshore area which continues to be developed by the company to deliver greater energy potential to the country. TotalEnergies announced an oil project that would see 200,000 barrels per day (b/d) from Block 58. The project has started development studies with the object of sanctioning the entire project expected to come by the end of next year in 2024.   

The announcement for the development project at Block 58 location is in partnership with APA Corporation which owns a 50% interest in the operation, along with TotalEnergies 50% interest. The project required the appraisal of the Sapakara South and Krabdagu fields which are the main oil discoveries that exist in the Block 58 area. The appraisal was successfully completed earlier this year in August 2023. Following this, the drilling and testing of new wells took place which has confirmed a combined recoverable resource of close to 700 million barrels for the 2 fields.  

The new wells will be at depths between 100 and 1000m, and will be produced through a system of subsea wells which will ultimately be connected to an FPSO (Floating Production Storage and Offloading Unit) which is already located 150km off the coast of Suriname. It is expected that once the project is completed it will have an oil production capacity of 200,00 barrels a day and will represent an investment of approximately $9 billion. FEED Studies are currently taking place, and it is expected that the final investment decision will come by the end of 2024. It is hoped that production will be expected to commence in 2028.  

This project will significantly develop Suriname’s oil potential and bring jobs and economic activities to the area throughout its production and continued operations. Therefore, in working with local authorities and communities across Suriname, TotalEnergies is committed to developing and implementing the project in a way that is responsible and respects the area in which it is taking place. One way that TotalEnergies is implementing responsible practices is through the implementation of the best available technologies to reduce greenhouse gas emissions. This highlights TotalEnergies’ focus on delivering high-value projects using the best available technologies to ensure the sustainability of its operations across the globe.  

The upcoming development and production phases of the Block 58 project with work closely with Staatsolie, the national oil company in Suriname, which will reinforce the actions of the project in favour of bettering the lives of the local community. The project has already seen 80 people trained in logistics to help in the initial stages of the exploration and appraisal phases. Patrick Pouyanné, Chairman and CEO of TotalEnergies commented in the announcement of the project that “The Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname. This development is in line with TotalEnergies’ strategy aiming at the development of low-cost, low-emission oil resources, and leverages on our company’s expertise in deepwater projects. We will thus contribute to improving the well-being of the people of Suriname”. As Pouyanné states, the project currently and will continue to serve Suriname with petroleum and a range of job opportunities to bring initial and sustained economic growth to the region.  

In addition to the Block 58 developments, TotalEnergies has signed a sharing contract for 2 shallow offshore blocks. These blocks, 6 and 8, have been awarded to TotalEnergies following the Suriname Shallow Offshore Bid Round 2021/2021, where TotalEnergies will operate the two blocks with 40% interest. The operation will be in partnership with Qatar Energy which has a 20% interest, and Paradise Oil Company (POC) which is a subsidiary of the government-run Staatsolie, and which also has a 40% interest in the development. 

Blocks 6 and 8 are located towards the south of Suriname not far from the border to Guyana, directly adjacent to the previous Block 58 which Total Energies already operates in. The Senior Vice President of Exploration for TotalEnergies, Kevin McLachlan states in the press release for the Block 6 and 8 development that “TotalEnergies is pleased to expand its operatorship position in Suriname, a world-class emerging basin, exploring for low technical costs and low GHG emission oil resources”. He continues, “This new milestone further strengthens our strategic international partnership with Qatar Energy marking its first entry to Suriname”.  

As we can see from McLachlan’s comments TotalEnergies span across Suriname has established it as a key player in the country’s energy industry. With significant developments in Block 58, and now developments in Blocks 6 and 8, TotalEnergies continues to work with crucial partners and players across the global industry to bring sustained economic development and a wider sphere of energy potential for the region.  

Overall, TotalEnergies is a vast global company which facilitates a whole range of multi-energy projects to bring the world greater energy security whilst also working to develop the regions in which it sources the oil and gas. As we have seen with TotalEnergies Suriname, along with a range of partners, government organisations and the local community, the company continues to develop the region towards economic success whilst respecting the planet to reduce carbon emissions throughout all of its operations.