The project, with an estimated cost of $9bn, is due to start production in 2028. Credit: Zachary Theodore/Unsplash.

TotalEnergies and APA are on track to make a final investment decision (FID) regarding Suriname’s Block 58 by the fourth quarter of this year.  

The project, with an estimated cost of $9bn, is due to begin production in 2028. 

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Block 58, which is adjacent to ExxonMobil’s Stabroek block in Guyana, a site with more than 11bbbl of recoverable oil and gas, is co-operated by TotalEnergies and APA, each holding a 50% interest.  

Staatsolie, the state oil company of Suriname, has the option to acquire up to a 20% interest in the project upon the FID. 

The French oil and gas company said the front-end engineering design studies are advancing for the development of the Sapakara and Krabdagu fields within Block 58, with estimated combined recoverable resources exceeding 700 million barrels.  

Ocean Bottom Node (OBN) seismic technology is expected to be a crucial tool in optimising resource extraction and well placement, in addition to identifying additional resource potential.  

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A first OBN seismic survey, covering an area of 900km², is scheduled for the second half of 2024. 

Recently, TotalEnergies and Staatsolie reached an agreement on the development area for the field, aiming to maximise value for Suriname and the Block 58 partners over a 25-year production period.  

Additionally, the hull for a floating production storage and offloading unit, with a capacity of 200,000 barrels per day, has been secured. 

TotalEnergies senior vice-president of Americas, exploration & production Javier Rielo said: “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.  

“Our company is deploying advanced technologies to minimise the environmental impact and maximise resource recovery, while focusing on ensuring economic benefits for the country.”  

Staatsolie CEO Annand Jagesar said: “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.”  

Last month, Petronas Suriname E&P announced a hydrocarbon discovery at the Fusaea-1 exploration well within Suriname’s Block 52.  

This discovery followed the Roystonea-1 and Sloanea-1 finds in the area.