TotalEnergies has announced the launching of the development studies for a large oil project in Block 58, offshore Suriname. Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was completed in August 2023 with the drilling and testing of three wells and confirmed combined recoverable resources close to 700 million bbl for the two fields.
The reserves, located in water depths between 100 and 1000 m, will be produced through a system of subsea wells connected to an FPSO located 150 km off the Suriname coast, with an oil production capacity of 200,000 B/D. TotalEnergies said the project will represent an investment of approximately $9 billion.
The detailed engineering studies will start by the end of 2023 and the final investment decision is expected by the end of 2024 with a first production target in 2028.
TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation (50%).