SURINAME: At the 2024 Suriname Energy Oil and Gas Summit, TotalEnergies and Staatsolie Maatschappij Suriname N.V, the Suriname National Oil Company, unveiled several significant milestones paving the way for the final investment decision (FID) on the development of offshore Block 58.
The FID is expected in the fourth quarter of 2024, with production slated to commence in 2028.
TotalEnergies, the operator of Block 58, holds a 50 per cent interest in the project, with APA Corporation owning the remaining 50 per cent stake.
Staatsolie has the option to acquire up to a 20 per cent interest upon reaching FID.
The development plan targets the Sapakara and Krabdagu fields, which boast combined recoverable resources estimated at over 700 million barrels.
To maximise resource recovery, the project will employ Water Alternating Gas (WAG) injection technology.
Additionally, Ocean Bottom Node (OBN) seismic technology will play a crucial role in optimising resource mapping, well placement, and identifying potential upside opportunities.
A 900 km2 OBN seismic campaign is scheduled for the second half of 2024.
Recent achievements have propelled the project towards FID, including an agreement between Staatsolie and TotalEnergies on the field development area, aimed at maximising value for Suriname and the Block 58 co-venturers over the 25-year production period.
Furthermore, the hull for the 200,000 barrels of oil per day (bopd) Floating Production Storage and Offloading (FPSO) unit has been secured.
TotalEnergies is committed to developing the project responsibly, utilising the best available technologies to minimise greenhouse gas emissions.
The facilities will be designed for zero routine flaring, with all associated gas being reinjected into the reservoirs.
During the development and production phases, TotalEnergies will collaborate closely with Staatsolie to enhance local content, building upon the successful training of over 80 individuals for logistics operations in Paramaribo during the exploration and appraisal phases.
“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,” said Javier Rielo, Senior Vice President Americas, Exploration & Production at 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 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,” said Annand Jagesar, CEO of Staatsolie.”
With the FID on the horizon, the Block 58 development project represents a significant milestone in Suriname’s energy sector, leveraging advanced technologies and fostering economic growth while prioritising environmental stewardship and local capacity building.
