Suriname is one significant step closer to its highly anticipated offshore oil development as APA Corporation reported that Krabdagu-3 appraisal well in Block 58 confirmed an extension of oil resources, some 14 kilometres from the original prospect.
APA holds a 50% working interest in the block alongside TotalEnergies – the operator. APA in its Q2 results report said that now, technical analysis is underway to quantify the resource in the Krabdagu fairway.
“While there is more technical work to do, the results to date have provided more confidence as we advance toward developing the country’s first offshore oil hub,” said APA’s Chief Executive Officer (CEO) and President, John Christmann.
This is the good news Suriname has been waiting for.
TotalEnergies had been working to quantify the resources there before issuing the long-awaited final investment decision. APA said all focus is now on completing the Krabdagu appraisal program and scoping an oil hub project to develop the combined Sapakara and Krabdagu resource.
APA had said in a February release that it established a combined estimated oil resource in place of more than 800 million barrels during 2022, following three successful flow tests at Sapakara and Krabdagu.
However, TotalEnergies CEO Patrick Pouyanne’s numbers appeared to differ during the major’s 2023 Q1 earnings. He said so far, TotalEnergies has successfully combined two discoveries to create a pool of around 500+ million barrels of oil. He had said with the last oil well to be drilled, the company was hopeful to reach 600-650 million barrels of oil, the milestone needed to move to the next stage of development.
With Krabdagu-3 drilled, APA said no additional drilling will be necessary in Suriname for the remainder of 2023.
