500+ million barrels already pooled for Total’s potential Suriname development

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TotalEnergies CEO Patrick Pouyanné has announced that 2023 is set to be a big year for Suriname, as the company looks to consolidate its oil pool offshore. Speaking about the company’s activities, Pouyanné explained that an appraisal well is slated for this year.

“We are trying to develop an oil pool. The difficulty in Suriname is that the oil to gas ratio is quite high,” Pouyanne said.

He said TotalEnergies has been working to identify an oil pool with a lower CGR (condensate to gas ratio) in order to facilitate an efficient development. So far, however, TotalEnergies has successfully combined two discoveries to create a pool of around 500+ million barrels of oil.

Total targets mid-year to confirm resources for development project offshore Suriname | OilNOW

The first two appraisal wells of these discoveries have been positive, and with the last oil well soon to be drilled, the company is hopeful that it will reach 600-650 million barrels of oil. Once this milestone is reached, he said TotalEnergies will be ready to move to the next stage of development.

Pouyanné emphasized that the company’s vision for the future development of the oil pool in Suriname is strong, and he is optimistic about the prospects for 2023. He said, “We’d have again there, a good vision in order to move forward to the next step… So big year 2023 for Suriname.”

Total getting Block 58 “volumes right” before FID, likely in 2024 – Staatsolie asset manager | OilNOW

Suriname is hopeful that the oil major will kick off its oil boom, just as Exxon is doing in Guyana. TotalEnergies’ efforts in Suriname have yielded several discoveries.

As Suriname is poised to emerge as a major player in the global oil industry, TotalEnergies’ expected investment in the country is likely to yield significant benefits for both the company and the Suriname economy.

TotalEnergies is the operator of Block 58 with a 50% stake and is partnered with APA Corporation.

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