04 /12 Closing Prices / revised 04/12 2024 21:59 GMT 04/11   OPEC Basket    $90.62 +0.24  | 04/11   Mexico Basket (MME)   $79.22   +0.60  | 02/12    Venezuela Basket (Merey)  $67.27  +0.77  | 04/11    NYMEX WTI Texas Intermediate May CLK24   $85.66  +0.64 | 04/11    ICE Brent June  BRNM24      $90.45  +0.71    | 04/11     NYMEX Gasoline May RBK24   $2.80   +.1%   |  04/11   NYMEX  Heating Oil May  HOK24   $2.69  +1 %   | 04/11     Natural Gas May NGK24    $1.77  +0.3% | 04/12    Active U.S. Rig Count (Oil & Gas)    617   -3  | 04/12    USD/MXN Mexican Peso  16.6441  (data live) | 04/12    EUR/USD    1.0643  (data live)  | 04/15      US/Bs. (Bolivar)   $36.29470000 ( data BCV)  

TotalEnergies to evaluate $9 billion energy investment in Suriname – Reuters

CEO of TotalEnergies Patrick Pouyanne addresses the audience during a news conference with Managing Director of Staatsolie Annand Jagesar, in Paramaribo, Suriname September 13, 2023. REUTERS/Ranu Abhelakh
CEO of TotalEnergies Patrick Pouyanne addresses the audience during a news conference with Managing Director of Staatsolie Annand Jagesar, in Paramaribo, Suriname September 13, 2023. (Ranu Abhelakh/Reuters)

Ank Kuipers and Marianna Parraga, Reuters

EnergiesNet.com 09 10 2023

TotalEnergies (TTEF.PA) will begin studies for developing a $9 billion oil and gas project at Suriname’s most promising offshore area, the French energy firm said on Wednesday during a visit by its CEO to the South American country.

Suriname’s oil potential is closely watched as some of its fields are adjacent to the Stabroek block in Guyana, where an Exxon Mobil-led (XOM.N) consortium has found 11 billion barrels of oil. TotalEnergy’s Block 58 could become Suriname’s first commercial offshore project.

TotalEnergies CEO Patrick Pouyanne met with Suriname President Chan Santokhi and the head of state oil company Staatsolie on Wednesday to discuss the project.

TotalEnergies and U.S. partner APA (APA.O) are expected to make a final investment decision by the end of 2024 for the block, after investing some $1.3 billion in exploration. The decision is a crucial step in mega energy projects to greenlight development.

Staatsolie has participation rights of up to 20% if the development plan is approved.

“Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname,” Pouyanne said.

TotalEnergies expects the project could be developed at a production cost of less than $20 barrel, Pouyanne said.

“We have reached a historic moment in our country,” said Staatsolie CEO Annand Jagesar. The country could earn between $16 billion and $26 billion, he said, and “with good policy there can no longer be poverty in Suriname,” adding it needed to make sure that oil wealth would be re-invested to propel the non-oil sector, instead of artificially expanding the economy, as has happened in Venezuela and Nigeria.

Following well appraisal drilling this year, the company confirmed cumulative resources of nearly 700 million barrels of oil and gas at block 58’s two main fields.

The discoveries will allow production of up to 200,000 barrels per day of mostly crude, while associated natural gas initially will be re-injected to maintain crude output, and could be exported in further project stages, Pouyanne said.

The block plans to be developed through a system of underwater wells connected to a floating production, storage and offloading unit located 150 kilometers (93 miles) from Suriname’s coast.

Detailed engineering studies will begin by the end of 2023 before a final investment decision is made by the end of 2024, with a target of having first production in 2028, Total said in a release.

Reporting by Ank Kuipers, writing by Marianna Parraga; Editing by Marguerita Choy and Grant McCool

reuters.com 09 13 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top