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TotalEnergies Targets Decision on Block 58 Project in 2024

Aiming for Sustainable Energy Production in the Suriname Basin

TotalEnergies Targets Decision on Block 58 Project in 2024

TotalEnergies, with its eye on a $9 billion endeavor, is poised to usher in a new era of energy production in Suriname’s Block 58. The project, projected to yield 200,000 barrels per day, is set to utilize subsea wells leading to a Floating Production, Storage, and Offloading (FPSO) facility situated approximately 150 kilometers off the coast of Suriname. The reservoirs are nestled at varying depths of 100 to 1,000 meters beneath the water’s surface.

CEO Patrick Pouyanné held a crucial meeting today with Suriname’s President Chandrikapersad Santokhi and Staatsolie CEO Annand Jagesar. TotalEnergies has articulated its aspiration to greenlight the Block 58 venture by the close of 2024.

In this venture, TotalEnergies spearheads the operation, claiming a 50% stake, while APA Corp. (NASDAQ: APA) owns the remaining 50%.

Both entities recently wrapped up the assessment of two noteworthy discoveries, Sapakara South and Krabdagu, in August. This effort entailed drilling and testing three wells, culminating in a combined resource estimate of 700 million barrels.

The ambitious $9 billion scheme is designed to extract resources from these fields by deploying subsea wells leading to an FPSO facility. This facility, strategically located around 150 kilometers off Suriname’s coastline, will tap into reserves situated at water depths ranging from 100 to 1,000 meters.

Significantly, Block 58 shares proximity with Guyana’s highly successful Stabroek license, where ExxonMobil has unveiled an estimated 11 billion barrels of oil. TotalEnergies is slated to initiate its front-end engineering and design (FEED) studies before the year’s end. Assuming a final investment decision (FID) at the close of 2024, they aim to commence production in 2028.

Patrick Pouyanné expressed the significance of these Block 58 development studies, stating, “The Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname.” He emphasized that this development aligns with TotalEnergies’ strategy focused on low-cost, low-emission oil resources and leverages their expertise in deep-water projects. Furthermore, he stressed their commitment to enhancing the well-being of the people of Suriname.

TotalEnergies made a noteworthy commitment to design the project with zero flaring, with plans to reinject gas into the reservoir.

President Santokhi highlighted the importance of this project to Suriname during what he described as a “challenging economic period.” He underscored that the people of Suriname stand to gain significantly from this development. Local entrepreneurs, he said, should seize the opportunities to provide their services and goods.

TotalEnergies pledged to collaborate with Staatsolie to bolster local content initiatives, with a reported track record of training more than 80 locals.

Santokhi further emphasized the importance of prudent government spending. “Those incomes will contribute to the prosperity and stability fund, and will be a means to diversify our economy by developing sustainable sectors such as agriculture and tourism,” he stated.

Staatsolie CEO Jagesar applauded the monumental efforts, patience, and exceptional partnerships that led to this long-anticipated moment. He views momentum, an enhanced understanding of the basin, and diligent execution as pivotal elements in unlocking Block 58 and the Suriname basin’s potential in a responsible manner.

Source: https://www.energyvoice.com/oilandgas/americas/exploration-production-americas/533071/totalenergies-aims-for-block-58-decision-in-2024/

Date: 13 september 2023

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Tags:  Annand Jagesar, ExxonMobil, Final Investment Decision (FID), Guyana, Patrick Pouyanné, President Chandrikapersad Santokhi, Sapakara South, Staatsolie Maatschappij Suriname NV, TotalEnergies 

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