Staatsolie targeting 20% stake in Block 58 project – Managing Director 

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Shikema Dey
Experienced Journalist with a demonstrated history of working in the media production industry and a keen interest in oil and gas, energy, public infrastructure, agriculture, social issues, development and the environment.

Staatsolie, the state-owned oil company of Suriname, could participate with up to 20% stake in the inaugural field development at Block 58. And it will go this route, according to its Managing Director, Annand Jagesar.

“For sure we will participate for the 20%. We have the right to. After our participation, the joint operation will be owned 40% each by TotalEnergies and APA Corp and 20% by Staatsolie. We can elect to participate after the final investment decision expected in the fourth quarter of 2024,” he confirmed with OilNOW on Feb. 16. 

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Staatsolie estimates it will receive substantial government revenues from the Block 58 development. This amount, including royalties, profit oil, and taxes, will fall between US$16 billion and US$26 billion over the anticipated two-decade lifespan of the production field, subject to current oil prices.

“Our main goal is to increase the Suriname take but more importantly to further mature our expertise in the oil and gas business and especially in the offshore,” he explained. 

TotalEnergies and APA Corporation are spearheading a US$9 billion development targeting two vast reservoirs, Sapakara South and Krabdagu fields, estimated to hold around 700 million barrels of oil combined. The Sapakara South and Krabdagu reservoirs are situated at water depths ranging from 100 to 1,000 meters. 

Staatsolie said the development of the first offshore production field is set to entail the drilling of around 30 wells over 2.5 years. The development proposal is being crafted, with a review expected in 2024, and first oil in 2028.

Back in September 2023, TotalEnergies’s Chief Executive Officer (CEO) Patrick Pouyanne announced the company’s plans to pay part of APA’s CAPEX for the project.

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