FID on Block 58 development project offshore Suriname expected in Q4 2024

During the 2024 Suriname Energy Oil and Gas Summit, significant advancements were announced concerning the development of offshore Block 58. Senior Vice President Americas, Exploration & Production at TotalEnergies, Javier Rielo, alongside Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V., shared details about the upcoming Final Investment Decision (FID) expected in the fourth quarter of 2024. The production start-up is planned for 2028.

Strategic Partnership and Project Details

TotalEnergies, serving as the operator of Block 58 with a 50% interest in partnership with APA Corporation, is moving forward with the development of the Sapakara and Krabdagu fields within the block. Staatsolie has an option to acquire up to a 20% interest in the project upon FID. Engineering studies and Front-End Engineering Design (FEED) are progressing, focusing on employing Water Alternating Gas (WAG) injection technology and Ocean Bottom Node (OBN) seismic technology to optimize resource extraction.

A significant contract has been secured for the hull of the Floating Production Storage and Offloading (FPSO) unit, which will have a capacity of 200,000 barrels of oil per day. This step is crucial for the operational phase of the project, which promises to enhance Suriname’s economic landscape over a projected 25-year production period.

Environmental Commitment and Local Engagement

TotalEnergies commits to responsible development, emphasizing technologies that minimize greenhouse gas emissions and routine flaring. The project’s design includes the reinjection of all associated gas to reduce environmental impact. Throughout the exploration, appraisal, and development phases, TotalEnergies and Staatsolie have focused on enhancing local content, training over 80 individuals for logistics operations in Paramaribo.

Leaders’ Statements and Future Vision

Javier Rielo expressed enthusiasm for the partnership’s progress, stating, “We are glad to progress together with Staatsolie and APA towards the FID of Block 58, which will be the next milestone in the partnership between Suriname and TotalEnergies.”

Annand Jagesar also reflected on the collaboration, noting, “Staatsolie is happy to progress towards the development of this project with a world-renowned partner in such a way that Suriname optimally benefits not only from large financial streams but as well from a design and execution that will safeguard safe and clean operations.”

The strategic decisions and technological integrations for Block 58 highlight a significant forward leap in resource development. The project stands as a testament to how modern technology and strategic partnerships can align to deliver substantial economic benefits while upholding environmental and social standards. This model of operation could potentially set a new benchmark for future offshore oil and gas projects globally.