President of Suriname, Chandrikapersad Santokhi confirmed on Tuesday that Total and partner Apache will move forward with their final investment decision at Block 58 next year and move towards first oil by 2025. This will make the offshore development the second fastest ramp up in production in the Guyana-Suriname basin since ExxonMobil’s Liza Phase 1.
“Our national oil company, Staatsolie, in collaboration with several international partners is responsible for the oil drilling and future drilling off the coast of Suriname and has received not only our trust and confidence, but also firm guidelines to fully support the fast track initiated by Total and Apache,” Mr. Santokhi said. He was speaking at the time at the opening of the Suriname Energy Oil & Gas Summit 2021 virtual edition on Tuesday.
“In this regard, we look forward to the final investment decision which is scheduled for mid-2022 and the first oil…which is scheduled for 2025,” the President stated.
He said the revenues expected from this first offshore development will enable the government to strengthen and advance its economic welfare and the wellbeing of the Surinamese people.
“We know that our natural resource can fast track both recovery and growth, but only if we pursue the right policies. We need to remember that while natural resources are not infinite, our desire for social and economic growth, based on democratic principles and the rule of law, is interminable,” Mr. Santokhi pointed out. “As such, the revenues gained from our natural resources need to be managed strategically.”
Total and Apache announced their first discovery at Maka Central-1 back in January 2020 and have gone on to make other discoveries on the block since then at Sapakara West-1, Kwaskwasi-1, and Keskesi East-1.
Block 58 comprises 1.4 million acres and offers significant potential beyond the discoveries made to date. Apache and Total have identified at least seven distinct play types and more than 50 prospects within the thermally mature play fairway.
US multinational investment bank and financial services company Morgan Stanley says its modelling of Block 58 shows that it contains a potential 6.5 billion barrels of oil equivalent resources.