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Staatsolie: No reason for delay in Block 58 project

Staatsolie affirms commitment amidst global challenges

Staatsolie: No reason for delay in Block 58 project

Staatsolie Maatschappij Suriname N.V. sees no reason to deviate from TotalEnergies’ timeline for the development of the first offshore project in Suriname. In the Block 58 project, there are options to accelerate development and, as it now appears, factors that could lead to additional efforts to control project costs. “It is still too early to talk about a delay in the project. This will be determined in the coming months through market research by TotalEnergies. If additional efforts are needed, there are still possibilities to catch up on any delays.”

Staatsolie’s response follows comments from Patrick Pouyanné, chairman and chief executive director (CEO) of TotalEnergies (TE), during an investor presentation on February 7, 2024, stating that Block 58 is an important project for his company, and efforts are being made to approve it by the end of 2024.

Staatsolie notes that at this moment, many oil projects are underway worldwide, which, combined with global inflation, has led to cost increases for materials and services. In response to a question from a representative of an investment bank about price increases in well drilling and other activities and potential effects on projects, Pouyanné explained that costs are indeed a significant factor.

At the same time, alternatives are being considered to offset the effects of higher prices or waiting for a more favorable moment to conclude contracts with suppliers. Considering costs is an important part of the decision-making process for investment. Staatsolie emphasizes that Pouyanné’s comments were about all TotalEnergies activities and not specifically about Suriname. Pouyanné also confirmed in his response that efforts are being made to get the project approved by the end of 2024.

Staatsolie’s experience is that TotalEnergies is doing everything possible to develop the Block 58 project as quickly as possible. Staatsolie and TE continue to focus on executing the project according to the agreed timeline and achieving the first oil production in 2028. Staatsolie states that they will inform the community if new developments occur that deviate from this timeline.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/79865

Date: 20 February 2024

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Tags:  Annand Jagesar, Block 58, Final Investment Decision (FID), Local Content Development, Oil Production, Patrick Pouyanné, Staatsolie Maatschappij Suriname NV, Suriname, TotalEnergies 

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