TotalEnergies will start drilling for oil and gas in Block 64 offshore Suriname in May, a company executive told Reuters this week, saying the company was currently tallying the final tab for the project and organizing the future well operations.
TotalEnergies has a 40% stake in Block 64, which it shares with QatarEnergy and Malaysia’s Petronas, both with a 30% stake. The supermajor and its partners signed a production-sharing contract for the block with Suriname’s state oil company, Staatsolie, back in 2023.
The drilling campaign is separate from a massive $10.5-billion investment plan that the French supermajor announced for Suriname last year. That investment, in partnership with APA Corp, was to focus on Block 58 offshore Guyana’s neighbor. The investment plan was widely seen as TotalEnergies’ attempt to repeat Exxon’s success in Guyana.
Crude oil discoveries in Suriname have opened access to some 2.4 billion barrels in reserves, Wood Mackenzie analysts have estimated. The consultancy also reported that the South American nation holds some 12.5 trillion cubic feet in natural gas reserves.
A total of nine offshore discoveries have been made in Suriname in the last six years but commercial development of any of them is still in the future.
Suriname is often seen as a candidate for a repeat of Guyana’s oil boom since the two neighboring countries share one hydrocarbon basin. However, exploration efforts have taken longer in Suriname and the colossal success of Exxon with the Stabroek Block and its dozen discoveries has yet to be replicated in Guyana’s neighbor.
TotalEnergies’ and APA Corp’s investment commitment is by far the biggest one for Suriname. First oil from Block 58 is scheduled for 2028. The oil reserves in the area are estimated at some 750 million barrels, lying in depths between 100 and 1,000 meters. According to Suriname’s state oil company, Staatsolie, the project could have a productive life of 20 to 25 years.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=677fc15c6b4b45af9785b0dd6e62f078&url=https%3A%2F%2Foilprice.com%2FLatest-Energy-News%2FWorld-News%2FTotalEnergies-Prepares-to-Start-Drilling-in-Suriname.html&c=5937264558932111105&mkt=en-us
Author :
Publish date : 2025-01-08 18:33:00
Copyright for syndicated content belongs to the linked Source.
