Suriname’s state oil company – Staatsolie – revealed that TotalEnergies and APA Corporation drilled 14 wells in Block 58 before the big wins with the Sapakara South and Krabdagu discoveries.
Both reservoirs underpin Suriname’s first offshore development, pegged at approximately US$9 billion. Total is the operator of block 58 with a 50% share while APA holds the other 50%.
The wells are Maka Central-1, Sapakara West-1, Kwaskwasi-1, Keskesi East-1, Sapakara West-2, Sapakara South-1, Keskesi South-1, Bonboni-1, Krabdagu-1, Dikkop-1, Awari-1, Sapakara South-2, Krabdagu-2 and Krabdagu-3.
Total is expected to shoulder the lion’s share of the development costs for the proposed project. That financial arrangement will allow it access to 75% of APA’s cost oil to facilitate repayment.
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The Sapakara South and Krabdagu oil discoveries hold nearly 700 million barrels of recoverable resources. The resources will be developed at a pace of 200,000 barrels per day (bpd).
Nicolas Terraz, President of Exploration and Production at Total had said that the technical cost of the project is US$20 per barrel of oil equivalent (CAPEX + OPEX), and that the estimated (Scope 1 +2) emissions intensity from the project is 13 kg/boe.
The expansive deepwater oil project offshore has attracted considerable interest owing to its vast scale and significant anticipation within Suriname. The Sapakara South and Krabdagu reservoirs lie in water depths of between 100 and 1,000 meters.
The development plan is actively progressing, and the final investment decision (FID) is anticipated by the close of 2024. Production commencement is projected for 2028.
