With the Petroleum License signed, TotalEnergies is gearing up to expend “tens of millions” in seismic and geophysical surveys in Guyana’s shallow water S4 Block.
The company’s Vice President for Exploration (Americas), Daniel Larranaga, confirmed that the investment for data acquisition and analysis is to better understand the Block’s subsurface potential. It signals renewed confidence in Guyana’s underexplored acreage outside the prolific Stabroek Block.
“The exploration budget is in the tens of millions. That is on top of the [signing] bonus we already paid, and it is basically around 3D seismic, around geophysical studies. We will also do social projects as part of our commitments,” Larranaga shared on the sidelines of the signing ceremony for the block on Tuesday, November 11.
Block S4 spans an area of approximately 1,788 square kilometers, located 50 to 100 kilometers off Guyana’s coast in water depths ranging between 30 and 100 meters.
TotalEnergies will operate the S4 Block with a 40% stake, with partners Petronas (25%) and QatarEnergy (35%).
If the results are in TotalEnergies’ favor, the company could see its second oil development in the basin shared with Suriname. On the Dutch side, the company is targeting the GranMorgu development in Block 58. That project is more than 20% complete.
Both QatarEnergy and Petronas have a presence in Suriname as well. Petronas is eyeing a possible Floating Liquid Natural Gas (FLNG) development in Block 52.
