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TotalEnergies CEO’s Visit to Suriname Sparks Hope for Offshore Oil Development

Potential “Good News” on Horizon for Suriname’s Oil Projects

TotalEnergies CEO’s Visit to Suriname Sparks Hope for Offshore Oil Development

TotalEnergies’ CEO, Patrick Pouyanne, has announced his upcoming visit to Suriname with the potential for positive developments in the South American country’s oil projects. This revelation was made during a conference on Wednesday.

TotalEnergies, headquartered in France, in collaboration with its partner, U.S.-based APA Corp, is expected to reach a final investment decision for block 58, Suriname’s most promising offshore oil region, by the end of 2024. Such a decision would mark a significant step toward advancing the project into the development phase.

Recently, Suriname’s President, Chan Santokhi, hinted at major energy-related announcements, noting that “the oil and gas are there.” However, government officials have since tempered expectations, suggesting that the final investment decision may not be imminent.

Pouyanne emphasized the potential of Suriname’s substantial oil reserves, indicating that they are sizable enough to support a substantial deepwater development project. He also mentioned plans to share further details with President Santokhi during his upcoming visit. This announcement was made at the Barclays CEO-Energy Power Conference in New York.

Block 58 has garnered significant attention because of its proximity to Exxon Mobil’s extensive operations in Guyana. It has the potential to become Suriname’s first commercial offshore project, with the country’s current oil production primarily focused onshore.

Suriname’s state-run oil company, Staatsolie, holds participation rights of up to 20% if a development plan gains approval.

Pouyanne had previously stated during TotalEnergies’ first-quarter results webcast in April that 2023 would be a pivotal year for the company in Suriname and Namibia, located in Africa.

TotalEnergies declined to provide further details, and APA chose not to comment.

In early 2022, TotalEnergies and APA announced a significant oil and gas discovery at the Krabdagu-1 well, following previous findings at Maka, Kwaskwasi, Sapakara, and Keskesi—all within the prolific offshore block 58, where TotalEnergies holds a 50% working interest.

After advancing well appraisal activities, APA reported last month that the companies had confirmed oil resources exceeding 800 million barrels at Sapakara and Krabdagu.

Pouyanné, in April, revealed plans to create a resource cluster spanning different areas of the region while focusing on a low oil-to-gas ratio to ensure efficient development in Suriname.

Source: https://www.reuters.com/business/energy/totalenergies-ceo-visit-suriname-next-week-flags-good-news-2023-09-06/

Date: 6 september 2023

Categories:   

Tags:  Apache Corporation, Block 58, Conference, Guyana, Namibia, Patrick Pouyanné, Staatsolie Maatschappij Suriname NV, TotalEnergies 

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