Suriname companies and workers in 45 sectors will have opportunities to participate in the development phase of the Gran Morgu project of Block 58, said TotalEnergies’ General Manager & Country Chair EP Suriname, Artur Nunes da Silva.
“45 sectors will be impacted… some more than others,” the official said at an event on Wednesday evening in Suriname.
The company projected that 3,816 jobs will be created in the construction phase. It plans to drive US$1.5 billion in spending on Suriname companies’ goods and services in the lead-up to first oil. This is planned to be disbursed at a rate of US$495 million annually, boosting the country’s economy by an estimated average of 2.3% annually.
Gran Morgu project’s development has already commenced, with first production targeted for 2028. Dutch floater specialist SBM Offshore, in partnership with Technip Energies, has been awarded contracts to construct and install a floating production, storage and offloading vessel for the project.
While TotalEnergies estimates that the Gran Morgu development cost will be US$10.5 billion, Staatsolie is planning for a cost inflation of US$13.2 billion as it moves to raise financing to fund its intended 20% participation.
Meanwhile, TotalEnergies plans to drill an exploration in Block 64 further northeast of Block 58 on the Suriname side of the basin, the General Manager said.
Nearby, Guyana introduced the Local Content Act in 2021, which established a Local Content Secretariat to regulate the utilization of locals. The Act includes 40 areas of goods and services that the sector is mandated to procure from Guyanese companies and is due for an update this year.
Certified Guyanese companies currently make hundreds of millions annually from the Act’s implementation.
