Suriname: TotalEnergies, APA Corporation and Staatsolie Progress towards Final Investment Decision on Block 58
05 Juin 2024 - 8:37AM
Business Wire
Regulatory News:
On the occasion of the 2024 Suriname Energy Oil and Gas Summit,
Javier Rielo, Senior Vice President Americas, Exploration &
Production for TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE),
and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V,
the Suriname National Oil Company, announced several significant
steps towards the Final Investment Decision (FID) of the
development of offshore Block 58. This decision is expected in the
fourth quarter of 2024, for a production start-up in 2028.
TotalEnergies is the operator of Block 58 with a 50% interest,
alongside APA Corporation (50%). Staatsolie has the option to enter
the development project with up to 20% interest upon FID.
Engineering studies (FEED) are progressing for the development
of the Sapakara and Krabdagu fields, with combined recoverable
resources estimated above 700 million barrels thanks to the
integration of Water Alternating Gas (WAG) injection technology to
maximize recovery. Ocean Bottom Node (OBN) seismic technology will
also play a key role in maximizing resources and the placement of
the development wells, as well as identifying resource upsides. A
first OBN campaign covering 900 km2 will be carried out in second
half of 2024.
Some key milestones have been recently reached in the path
towards FID. An agreement was concluded between Staatsolie and
TotalEnergies on the field development area, maximizing the value
for Suriname and the Block 58 co-venturers over the 25 years
Production Period. In addition, the hull for the 200,000 barrels of
oil per day (bopd) Floating Production Storage and Offloading
(FPSO) unit has been secured.
TotalEnergies is committed to developing this project
responsibly using the best technologies to minimize greenhouse gas
emissions. In particular, the facilities will be designed for zero
routine flaring, with all associated gas reinjected into the
reservoirs. During the development and production phases,
TotalEnergies will work closely with Staatsolie to enhance local
content, as already demonstrated during the exploration and
appraisal phases, with over 80 people trained for logistics
operations in Paramaribo.
“We are glad to progress together with Staatsolie and APA
towards the FID of Block 58, which will be the next milestone in
the partnership between Suriname and TotalEnergies. Our Company is
deploying advanced technologies to minimize the environmental
impact and maximize resource recovery, while focusing on ensuring
economic benefits for the country,” said Javier Rielo, Senior
Vice President Americas, Exploration & Production at
TotalEnergies.
“Staatsolie is happy to progress towards the development of this
project with a world-renowned partner in such a way that Suriname
optimally benefits not only from large financial streams but as
well from a design and execution that will safeguard safe and clean
operations,” said Annand Jagesar, CEO of Staatsolie.
***
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
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