Suriname: TotalEnergies Announces Final Investment Decision for the GranMorgu development on Block 58
TotalEnergies has announced the Final Investment Decision (FID) for the GranMorgu development on offshore Block 58 in Suriname. The project will develop the Sapakara and Krabdagu oil discoveries, with recoverable reserves estimated at over 750 million barrels. Key features include:
- A 220,000 barrels per day FPSO unit
- Total investment of around $10.5 billion
- First oil expected in 2028
- TotalEnergies as operator with 50% interest, APA 50%
- Staatsolie to potentially enter with up to 20% interest
The project aims to minimize greenhouse gas emissions and maximize local content, with over $1 billion in local investments and the creation of more than 6,000 jobs in Suriname. This landmark project marks the first offshore development in the country and is expected to significantly impact Suriname's economy.
TotalEnergies ha annunciato la Decisione Finale di Investimento (FID) per lo sviluppo GranMorgu nel blocco offshore 58 in Suriname. Il progetto sviluppa le scoperte petrolifere di Sapakara e Krabdagu, con riserve recuperabili stimate a oltre 750 milioni di barili. Tra le caratteristiche principali ci sono:
- Un'unità FPSO da 220.000 barili al giorno
- Un investimento totale di circa 10,5 miliardi di dollari
- Primi produzione attesa nel 2028
- TotalEnergies come operatore con il 50% di interesse, APA 50%
- Staatsolie potrebbe entrare con fino al 20% di interesse
Il progetto mira a ridurre le emissioni di gas serra e massimizzare il contenuto locale, con oltre 1 miliardo di dollari in investimenti locali e la creazione di oltre 6.000 posti di lavoro in Suriname. Questo progetto pionieristico segna il primo sviluppo offshore nel paese e si prevede avrà un impatto significativo sull'economia del Suriname.
TotalEnergies ha anunciado la Decisión Final de Inversión (FID) para el desarrollo GranMorgu en el bloque offshore 58 en Surinam. El proyecto desarrollará los descubrimientos de petróleo Sapakara y Krabdagu, con reservas recuperables estimadas en más de 750 millones de barriles. Las características clave incluyen:
- Una unidad FPSO de 220.000 barriles por día
- Una inversión total de alrededor de $10.5 mil millones
- Primer petróleo esperado en 2028
- TotalEnergies como operador con el 50% de participación, APA 50%
- Staatsolie podría entrar con hasta un 20% de participación
El proyecto tiene como objetivo minimizar las emisiones de gases de efecto invernadero y maximizar el contenido local, con más de $1 mil millones en inversiones locales y la creación de más de 6.000 empleos en Surinam. Este proyecto histórico marca el primer desarrollo offshore en el país y se espera que impacte significativamente la economía de Surinam.
TotalEnergies는 수리남의 해상 58번 블록에서 GranMorgu 개발에 대한 최종 투자 결정을 발표했습니다. 이 프로젝트는 750억 배럴 이상의 회수 가능한 매장량을 가진 사파카라와 크라브다구 석유 발견을 개발할 예정입니다. 주요 특징은 다음과 같습니다:
- 하루 22만 배럴의 FPSO 유닛
- 약 $105억의 총 투자
- 2028년에 첫 석유 생산 예상
- 50%의 지분을 보유한 TotalEnergies가 운영
- Staatsolie가 최대 20%의 지분으로 참여할 가능성
이 프로젝트는 온실가스 배출을 최소화하고 지역 콘텐츠를 극대화하는 것을 목표로 하며, 10억 달러 이상의 지역 투자와 수리남에서 6,000개 이상의 일자리 창출을 포함합니다. 이 중대한 프로젝트는 수리남에서의 첫 해상 개발을 의미하며, 수리남 경제에 중대한 영향을 미칠 것으로 예상됩니다.
TotalEnergies a annoncé la Décision Finale d'Investissement (DFI) pour le développement GranMorgu dans le bloc offshore 58 au Suriname. Le projet développera les découvertes pétrolières de Sapakara et Krabdagu, avec des réserves récupérables estimées à plus de 750 millions de barils. Les principales caractéristiques comprennent :
- Une unité FPSO de 220.000 barils par jour
- Investissement total d'environ 10,5 milliards de dollars
- Première production de pétrole prévue pour 2028
- TotalEnergies en tant qu'opérateur avec 50% d'intérêt, APA 50%
- Staatsolie pourrait entrer avec un intérêt allant jusqu'à 20%
Le projet vise à minimiser les émissions de gaz à effet de serre et à maximiser le contenu local, avec plus de 1 milliard de dollars d'investissements locaux et la création de plus de 6 000 emplois au Suriname. Ce projet historique marque le premier développement offshore dans le pays et devrait avoir un impact significatif sur l'économie du Suriname.
TotalEnergies hat die endgültige Investitionsentscheidung (FID) für die GranMorgu-Entwicklung im Offshore-Block 58 in Suriname bekannt gegeben. Das Projekt wird die Ölentdeckungen Sapakara und Krabdagu entwickeln, die über 750 Millionen Barrel geschätzte förderbare Reserven aufweisen. Zu den wichtigsten Merkmalen gehören:
- Eine FPSO-Einheit mit einer Kapazität von 220.000 Barrel pro Tag
- Gesamte Investitionen von rund 10,5 Milliarden Dollar
- Erste Ölproduktion wird für 2028 erwartet
- TotalEnergies als Betreiber mit 50% Anteil, APA 50%
- Staatsolie könnte mit bis zu 20% Anteil einsteigen
Das Projekt zielt darauf ab, die Treibhausgasemissionen zu minimieren und den lokalen Inhalt zu maximieren, mit über 1 Milliarde Dollar an lokalen Investitionen und der Schaffung von mehr als 6.000 Arbeitsplätzen in Suriname. Dieses wegweisende Projekt markiert die erste Offshore-Entwicklung im Land und wird voraussichtlich erhebliche Auswirkungen auf die Wirtschaft Surinames haben.
- Final Investment Decision for GranMorgu development with over 750 million barrels of recoverable reserves
- 220,000 barrels per day FPSO unit with first oil expected in 2028
- Low greenhouse gas emissions intensity below 16 kg CO2e/boe
- Over $1 billion in local content investments
- Creation of more than 6,000 jobs in Suriname
- High total investment of around $10.5 billion
Insights
The Final Investment Decision (FID) for the GranMorgu development in Suriname's offshore Block 58 marks a significant milestone for TotalEnergies and the country's oil industry. With an estimated investment of
Key points to consider:
- Recoverable reserves estimated at over 750 million barrels, indicating substantial long-term potential
- First oil expected in 2028, providing a clear timeline for investors
- Low greenhouse gas emissions intensity of <16 kg CO2e/boe, aligning with global sustainability trends
- Significant local content investment of over
$1 billion , potentially boosting Suriname's economy - Creation of approximately 6,000 jobs, both direct and indirect
This project could be transformative for Suriname's economy and TotalEnergies' portfolio, potentially leading to increased investor interest in both the company and the country's emerging oil sector.
The GranMorgu project represents a significant financial commitment and potential revenue stream for TotalEnergies. With a
- Large recoverable reserves of 750 million barrels provide a solid production base
- 220,000 barrels per day capacity suggests strong cash flow potential once operational
- Low emissions profile may reduce regulatory and environmental risks
- Potential for future tie-backs could extend the project's life and value
However, investors should consider the long lead time to first oil in 2028 and potential geopolitical risks in a new oil-producing country. The
Patrick Pouyanné, Chairman and CEO of TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), met today in
“GranMorgu” means both “new dawn” and “Goliath grouper” in Sranan Tongo, thelocal language.
A landmark project in a prolific basin
The GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, on which a successful exploration and appraisal campaign was completed in 2023. The fields are located 150 km off the coast of Suriname and hold recoverable reserves estimated at over 750 million barrels.
The project includes a 220,000 barrels of oil per day Floating Production Storage and Offloading (FPSO) unit, that replicates a proven and efficient design. Total investment is estimated at around
TotalEnergies is the operator of Block 58 with a
Leveraging best-in-class technologies to minimize GHG emissions
GranMorgu leverages technology to minimize greenhouse gas emissions, with a scope 1 and 2 emissions intensity below 16 kg CO2e/boe thanks in particular to:
- an all-electric FPSO configuration, with zero routine flaring and full reinjection of associated gas into the reservoirs;
- an optimized power usage with a Waste Heat Recovery Unit and optimized water cooling for improved efficiency;
- the installation of a permanent methane detection and monitoring system relying on a network of sensors.
Maximising local content for the benefit of Suriname economy and people
Significant investments will be made in local content and job creation and will contribute to the development of the Surinamese economy.
Alongside the FID announcement, TotalEnergies and its partner APA signed a Memorandum of Understanding with the Health Ministry to support the rehabilitation of two mother and child hospitals in
“I am very pleased to launch today the GranMorgu project alongside our partners Staatsolie and APA and I sincerely thank the State of Suriname for its strong support. Building on TotalEnergies’ pioneering spirit, this landmark project marks the first offshore development in the country and capitalizes on our extensive expertise in deep offshore innovation. Launched only a year after the end of appraisal, GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects," said Patrick Pouyanné, Chairman and CEO of TotalEnergies. "We look forward to continuing our fruitful collaboration with Staatsolie to deliver a transformative project for Suriname’s economy.”
“Suriname and its people welcome and appreciate the final investment decision of Total Energies and APA Corporation regarding Block 58 with Staatsolie Suriname NV. We consider this a historic and milestone occasion, creating significant opportunities and revenue prospects for Suriname, as well as attracting investors worldwide”, said His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname. “This important decision will boost our domestic capabilities and investments and have a major impact on local content opportunities. Suriname is committed to a strong and loyal partnership and expects that the offshore oil and gas development will take off in compliance with environmentally regulations and standard.”
“The FID is a historic milestone in Suriname's oil and gas industry. What seemed like a distant dream is becoming a reality. This will be the largest investment ever in our country. Deliberations with TotalEnergies were always constructive and we thank them for the cooperation to arrive at this moment. This project will yield significant income for Suriname and needs to lead to better living standards for every citizen of Suriname. We are convinced, based on the measures taken and the track record of TotalEnergies, that the GranMorgu project will have a worldclass operational and environmental performance. Staatsolie congratulates the Surinamese society with this special moment”, said Annand Jagesar, CEO of Staatsolie.
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About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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