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TotalEnergies (NYSE:TTE) said Wednesday it will launch development studies for a potential $9B oil and gas project off the coast of Suriname; the French company is the operator of the offshore Block 58, with a 50% interest, alongside APA Corp. (NASDAQ:APA).
The announcement came as TotalEnergies (TTE) CEO Patrick Pouyanne met with Suriname President Chan Santokhi to discuss the project.
TotalEnergies (TTE) said appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was completed in August with the drilling and testing of three wells, and confirmed combined resources of nearly 700M barrels for the two fields.
The reserves will be produced through a system of subsea wells connected to a floating production, storage and offloading unit off the Suriname coast, with an oil production capacity of 200K bbl/day, the company said.
Detailed engineering studies will start by the end of this year, with a final investment decision on the project expected by year-end 2024 and first production targeted for 2028.