TotalEnergies, together with APA Corporation and Staatsolie, has made progress toward reaching the final investment decision (FID) for the development of deepwater Block 58 offshore Suriname, expected to be made in the fourth quarter of 2024.

TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corporation (50%), while Staatsolie has the option to enter the development project with up to 20% interest upon FID.

According to TotalEnergies, the FID is expected in the fourth quarter of 2024, for a production start-up in 2028.

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

Also, 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.

“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,” added Annand Jagesar, CEO of Staatsolie.