Subsidiaries of APA Corp. and TotalEnergies have reached a final investment decision (FID) for first oil development in Block 58 offshore Suriname. Total investment for the “GranMorgu” project comes in at $10.5 billion, and first oil from the 50-50 joint venture is anticipated in 2028, according to the companies’ Oct. 1 news releases.
GranMorgu means both “new dawn” and “Goliath grouper” in Sranan Tongo, the local dialect. It will develop the Sapakara and Krabdagu oil discoveries, which were appraised in 2023. The fields hold recoverable reserves estimated at more than 750 MMbbl, TotalEnergies said.
The project includes a 220,000 bbl/d floating production, storage and offloading (FPSO) unit, and is designed to accommodate future tie-backs, which could extend its four-year production plateau, the companies said.
TotalEnergies is the operator on Block 58 with a 50% interest alongside APA Suriname 58 Corp.’s 50%. Staatsolie, Suriname’s national oil company, has a 20% interest option to enter the development project following FID.
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Offshore Suriname neighbors Guyana, where Exxon is challenging Chevron’s $53 billion merger with Hess Corp. to take control of Hess’ 30% stake in the Stabroek Block, a prolific offshore reservoir 120 miles offshore Guyana. The merger won approval from the U.S. Federal Trade Commission on Sept. 30.
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Publish date : 2024-09-30 22:19:00
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