Monday, February 6, 2023

No mention of FID for Suriname’s Block 58 during TotalEnergies earnings conference

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TotalEnergies – operator of Suriname’s offshore Block 58 held its Q3 Earnings Conference last Thursday to appraise shareholders of its massive US$6.6 billion haul for the quarter.

But its Chief Financial Officer (CFO), Jean-Pierre Sbraire, made no mention of any intended final investment decision (FID) for Block 58. Nor any mention of Total’s operations there, at all.

Could Block 58 become the next Stabroek? | OilNOW

Block 58 has churned out a total of five discoveries thus far – at Maka Central, Kwaskwasi, Sapakara, Keskesi and Krabdagu. And though an official resource estimate has not been given, Sapakara, according to APA Corporation, holds 400+ million barrels.

No clear reason has been given for the FID hesitancy. Officials, when questioned about it, or a timeline of when to expect one, give different answers.

Total’s Managing Director, Philippe Blanchard had said that the company is awaiting the results of the other wells. And more recently, Chief Executive, Patrick Pouyanne attributed the delays to a “lack of confidence in understanding the reservoirs discovered to date, driven by a mismatch between what seismic data shows and the results of the delineation wells.”

Director of Americas Market Intelligence (AMI) Energy Practice, Arthur Deakin, said sources relate that TotalEnergies is not entirely sure how Block 58 fits into its long-term vision for its energy transition.

The first discovery made at Block 58 was a little over three years ago.

Will 2023 be the year Suriname gets its FID from Total?

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