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TotalEnergies considers postponement of oil development in Block 58

Evaluation of Cost-Effective Approach for Surinamese Oil Project

TotalEnergies considers postponement of oil development in Block 58

Postponing the first oil development in Suriname is an option for TotalEnergies, the operator of Block 58. Costs are considered fundamental in this decision, the Chief Executive Officer, Patrick Pouyanne, told investors on Feb. 7 during a quarterly earnings conference for the fourth quarter of 2023.

He said TotalEnergies has no intention of repeating mistakes it made in 2010, “by being driven more by volume than value, so managing costs… You have to look at different options.”

According to Pouyanne, TotalEnergies wants to approve four projects: “Sépia 2, Atapu 2, Suriname and Kaminho.”

“… We’re clearly working on it. If I have to choose, I sometimes prefer to postpone. The oil will not disappear. So, if I have to postpone a project, we can wait a while,” he added.

The development of TotalEnergies in Suriname has attracted a lot of attention. The company is expected to submit a development plan to the Surinamese government by the end of the year. Development studies have already started. The company expects to reach the first oil by 2028.

On September 13, Total had announced plans to invest $9 billion in the development of Block 58 to extract the massive oil discoveries in the Sapakara South and Krabdagu fields – totaling nearly 700 million barrels. The assessments were completed in August. That amount is significant for an initial development. Investment in oil in Guyana didn’t reach that level until ExxonMobil’s third development – Payara. The first project cost only $3.6 billion.

The Sapakara South and Krabdagu reservoirs are located between 100 and 1,000 meters of water depth. A floating production, storage and transhipment vessel (FPSO) with a capacity of 200,000 barrels per day will be used, connected to subsea wells.

Source: https://oilnow.gy/featured/totalenergies-apa-drilled-14-wells-in-block-58-before-hitting-jackpot-with-sapakara-south-krabdagu-staasolie/

Date: 19 February 2024

Categories:  Economic News, Oil and Gas Industry, Suriname 

Tags:  Block 58, Cost management, Final Investment Decision (FID), Oil Revenues, Oil production, Olie en Gas, Patrick Pouyanné, Project delay, Suriname, Sustainable development, TotalEnergies, Value-driven decision-making 

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