TotalEnergies highlights progress on Suriname’s Block 58 ahead of FID in Q4
TotalEnergies announced several significant steps toward the final investment decision (FID) of the development of Block 58 offshore Suriname. The decision is expected in Q4 2024, with goals for a production startup in 2028.
At the 2024 Suriname Energy Oil and Gas Summit, the company noted that FEED studies are progressing for the development of the Sapakara and Krabdagu fields. Combined recoverable resources of those fields are estimated at above 700 million bbls, to be enabled by the integration of water alternating gas injection technology to maximize recovery. Ocean bottom node (OBN) seismic technology will also play a key role in maximizing resources and the placement of the development wells, as well as identifying resource upsides. A first OBN campaign covering 900 sq km will be carried out in the second half of 2024.
TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corp (50%). Staatsolie Maatschappij Suriname, the local national oil company, has the option to enter the development project with up to 20% interest upon FID.
Some key milestones have been recently reached in the path towards FID. An agreement was concluded between Staatsolie and TotalEnergies on the field development area, maximizing the value for Suriname and the Block 58 co-venturers over the 25-year production period. In addition, the hull for the 200,000-BOPD FPSO unit has been secured.
The facilities will be designed for zero routine flaring, with all associated gas reinjected into the reservoirs. During the development and production phases, TotalEnergies will work with Staatsolie to enhance local content.
“We are glad to progress together with Staatsolie and APA toward the FID of Block 58, which will be the next milestone in the partnership between Suriname and TotalEnergies,” said Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies. “Our company is deploying advanced technologies to minimize the environmental impact and maximize resource recovery, while focusing on ensuring economic benefits for the country.”
