As TotalEnergies prepares for its inaugural offshore development venture in Suriname, the competition intensifies between SBM Offshore and MODEC to secure the contract for the project’s 200,000 barrels-per-day production vessel.
In anticipation of the bidding process, both contractors have initiated early conceptual engineering studies for the floating production, storage, and offloading (FPSO) vessel, as reported in an October 27 article by Upstream Online.
TotalEnergies is committing a substantial US$9 billion investment for the development, aimed at extracting the extensive oil reserves concealed within the Sapakara South and Krabdagu fields, collectively holding nearly 700 million barrels of oil.
The Sapakara South and Krabdagu reservoirs are situated at water depths ranging from 100 to 1,000 meters. TotalEnergies has outlined plans to commence detailed engineering studies by the end of 2023, with the final investment decision (FID) anticipated by the end of 2024. The project’s first production target is set for 2028.
Whoever wins the contract, essentially captures Suriname’s emerging market.
Both SBM Offshore and MODEC currently operate within Guyana’s market. MODEC is actively constructing the FPSO for the Uaru project, while SBM Offshore has successfully delivered three vessels and has two more in the pipeline.
