Patrick Pouyanné, Chairman and CEO of TotalEnergies, met in Paramaribo with His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V., Suriname’s National Oil Company, to announce the final investment decision (FID) for the “GranMorgu” development located on offshore Block 58.
The GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, on which an 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 bbls.
The project includes a 220 000 bbl/d floating production storage and offloading (FPSO) unit, that replicates a proven and efficient design. Total investment is estimated at around US$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%). 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.
The company leverages technology to minimise greenhouse gas emissions, with a scope 1 and 2 emissions intensity below 16 kg CO2e/boe.
Significant investments will be made in local content and job creation and will contribute to the development of the Surinamese economy. Overall local content is estimated to be more than US$1 billion and more than 6000 jobs are expected to be created in Suriname.