TotalEnergies Expands Footprint in Suriname

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)-- TotalEnergies SE (Courbevoie, France) has signed an agreement to acquire Moeve's (Madrid, Spain) (formerly known as CEPSA) 25% stake at Block 53, offshore Suriname. The French company would join APA Corporation (Houston, Texas), which owns 45% of the stakes and is the block's operator, as well as Petronas (Kuala Lumpur, Malaysia), which holds the remaining 30%.

In 2022, the consortium announced the discovery of the Baja-1 in Block 53, located 11.5 kilometers away from Block 58, where TotalEnergies and APA have made the Maka Central, Kwaskwasi, Sapakara, Keskesi, and Krabdau oil discoveries.

"This acquisition brings new resources to the development of our low-cost and low-emission GranMorgu project", said Javier Rielo, Senior Vice President for the Americas, Exploration & Production at TotalEnergies.

TotalEnergies is expanding its footprint in Suriname with the hopes of exploiting resources similar to those discovered and developed by Exxon Mobil Corporation (Spring, Texas) in Guyana.

TotalEnergies holds a 40% stake and is the operator of Block 58. Last year, the company announced the final investment decision to develop the GranMorgu, which will exploit the resources of the Sapakara and Krabdagu oil discoveries in Block 58, where it has estimated recoverable reserves of over 750 million barrels.

The project envisions the development of a 220,000 barre-per-day (BBL/d) floating production storage and offloading unit, with total investments projected at US$10.5 billion and a production start date of 2028.

In addition to block 58, the French company also holds stakes in blocks 6, 8, and 64, where it has initiated exploration efforts.

In May, Suriname witnessed the drilling of the Macaw-1 exploratory well in Block 64, TotalEnergies' asset, marking the first of five wells to be drilled this year in search of new oil and gas resources.

TotalEnergies is the first major to announce an oil project in Suriname.

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