Suriname: Block 58 Investment Decision Advances

At the 2024 Suriname Energy Oil and Gas Summit, Javier Rielo, Senior VP Americas, Exploration & Production for TotalEnergies, and Annand Jagesar, CEO of Staatsolie, announced progress towards the Final Investment Decision (FID) for offshore Block 58. The FID is expected in Q4 2024, with production starting in 2028.

TotalEnergies operates Block 58 with a 50% stake, alongside APA Corporation (50%). Staatsolie has the option to acquire up to a 20% interest upon FID.

Engineering studies (FEED) for the Sapakara and Krabdagu fields are underway, estimating recoverable resources above 700 million barrels using Water Alternating Gas (WAG) injection technology. Ocean Bottom Node (OBN) seismic technology will enhance resource recovery and well placement, with a 900 km2 OBN campaign planned for late 2024.

Key milestones include an agreement between Staatsolie and TotalEnergies on the field development area, optimizing value for Suriname and Block 58 partners over a 25-year production period. The hull for a 200,000 bopd Floating Production Storage and Offloading (FPSO) unit has also been secured.

TotalEnergies aims to minimize greenhouse gas emissions, designing facilities for zero routine flaring and reinjecting all associated gas into reservoirs. Collaboration with Staatsolie will continue, enhancing local content and training over 80 people for logistics operations in Paramaribo.

“We are pleased to advance with Staatsolie and APA towards the FID of Block 58, marking a milestone in our partnership with Suriname. TotalEnergies is committed to using advanced technologies to minimize environmental impact and maximize resource recovery, ensuring economic benefits for the country,” said Javier Rielo, Senior VP Americas, Exploration & Production at TotalEnergies.

“Staatsolie is excited to develop this project with a world-renowned partner, ensuring Suriname benefits financially while maintaining safe and clean operations,” said Annand Jagesar, CEO of Staatsolie.

Source Link

Newsletter Updates

Enter your email address below and subscribe to our newsletter