TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production.

The small South American nation wants to follow the example of its neighboring Guyana. In 2019, a consortium led Exxon Mobil began developing over 11 billion barrels worth of recoverable gas and oil resources, making the country a major producer.

Total said that the decision to invest $10 billion in the project will be taken in the fourth quarter. The goal is to start production in the first half 2028.

Patrick Pouyanne, CEO of the company, said that the FPSO facility to be built in Asia is expected by the company to be its largest.

TotalEnergies, APA and APA will develop the Sapakara & Krabdagu Fields. These fields have been renamed "Gran Morgu" with a combined recoverable resource estimated at over 700 million barrels.

The announcement was made in the presence of Pouyanne, President Chan Santokhi and APA CEO John Christmann. Ank Kuipers (Reporting, Marianna Pararaga; Editing Gary McWilliams).

(source: Reuters)