TotalEnergies is expected to make its final investment decision (FID) this week for Suriname’s first offshore oil and gas development, valued at over US$10 billion. This is according to four sources, a Sept. 30 Reuters report stated, pointing out that the announcement is likely to be made today.
TotalEnergies Chief Executive Officer Patrick Pouyanne is set to announce the FID alongside Surinamese President Chan Santokhi in Paramaribo.
The French oil major, along with APA Corporation, is leading the development of the Gran Morgu field, which holds an estimated 700 million barrels of oil. The field lies at depths ranging from 100 to 1,000 meters.
Suriname’s first FPSO capable of producing 220,000 barrels per day – TotalEnergies CEO
The project will involve drilling around 30 wells over 2.5 years, with first oil expected in 2028. Staatsolie, Suriname’s state oil company, plans to issue bonds in 2025 to finance its participation, as it is entitled to a 20% stake under the production-sharing contract.
