Suriname’s GranMorgu offshore oil development moved deeper into execution in the first half of 2026, with progress recorded across financing, subsea equipment, floating production storage and offloading vessel (FPSO) construction, and workforce preparation.
The TotalEnergies-led project in Block 58 is Suriname’s first major offshore oil development and remains on track for first oil in 2028.
GranMorgu will develop the Sapakara and Krabdagu discoveries, located about 150 kilometers offshore Suriname. The project is designed around a floating production, storage and offloading vessel with capacity of 220,000 barrels per day.
The project is being developed by TotalEnergies, APA Corporation, and Staatsolie Maatschappij Suriname N.V. TotalEnergies operates the project with a 40% interest. APA holds 40%, while Staatsolie holds 20%.
One of the first major H1 updates came in January, when TotalEnergies’ Suriname General Manager and Country Chair, Artur Nunes da Silva, said the project holds more than 750 million barrels of oil. He said further seismic work could lift that estimate. “With more developed seismic today, we will reach 800 [million barrels],” he said.
The project also moved through procurement and contracting activity during the first half. In February, TotalEnergies Chief Executive Officer Patrick Pouyanné said the company was looking at a more integrated contracting model for wells in Suriname.
In March, Rystad Energy said the GranMorgu FPSO will feature a 50,000-ton topside and gas-processing capacity of 500 million cubic feet per day. The project will use subsea wells tied back to an all-electric drive FPSO being delivered by SBM Offshore in partnership with Technip Energies.
Subsea work also accelerated in the first half. By late March, the project had entered full subsea build-out mode, with multiple subsea Christmas trees (XT) completed. Nunes da Silva said XTs #1 to #4 had been completed, XT #5 was in assembly, XT #6 was underway, and XT #7 assembly was starting.
The first subsea equipment for the development arrived in Suriname at the end of March. TotalEnergies EP Suriname confirmed on April 14 that components of the long baseline subsea positioning system had been delivered to the Dr. Jules Sedney Terminal in Paramaribo.
The LBL system will support offshore installation by helping determine the precise location of subsea equipment and vessels on the seabed.
The FPSO also advanced during the first half. In April, the GranMorgu FPSO hull entered dry dock in China, moving the vessel closer to topsides integration at the COSCO yard. TotalEnergies said the milestone reflected coordination among the CMHI yard, SBM Offshore, Technip Energies, and project teams.
In May, TechnipFMC and TotalEnergies completed stack-up and system integration testing for a shallow-water production Christmas tree tied to the project. The testing campaign was carried out in Malaysia, where the subsea equipment was assembled and validated ahead of installation offshore Suriname.
Staatsolie also reported progress on the financing side. Managing Director Annand Jagesar said the company secured more than US$2 billion in 2025 to fund its 20% participation in GranMorgu, including US$516 million through the Staatsolie Bond 2025-2033 and a US$1.6 billion syndicated loan from 18 banks and financial institutions.
“Together with our own cash reserves and operating cash flow, these funds provide a solid and responsible financial basis for our US$2.4 billion investment in GranMorgu,” Jagesar stated.
The first half also brought more workforce preparation. Six Surinamese graduates in the STS Joint Venture Graduate Program met with SBM Offshore Chief Executive Officer Øivind Tangen in Kuala Lumpur, Malaysia, on May 12.
The 19-month program was launched by STS, the joint venture between SBM Offshore, Technip Energies, and Suriname. It is designed to prepare graduates for future roles tied to the GranMorgu FPSO project.
The H1 updates show GranMorgu moving from post-FID planning into visible execution, with offshore installation activities expected to begin in 2026 as Suriname prepares for first oil in 2028.
