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Staatsolie Joins Block 58 Project with TotalEnergies and APA

TotalEnergies, the operator of Block 58 with a 50% stake, and APA Corporation, holding the remaining 50%, are progressing towards a final investment decision (FID) expected in the fourth quarter of 2024. Staatsolie, Suriname’s state oil company, has the option to join the project with up to a 20% interest upon FID. Production is slated to begin in 2028.

The front-end engineering design (FEED) studies for Block 58’s key oil discoveries, Sapakara South and Krabdagu, which together hold an estimated 700 million barrels of recoverable resources in water depths ranging from 100 to 1,000 meters, are advancing well.

Annand Jagesar, CEO of Staatsolie, expressed enthusiasm for the project: “Staatsolie is pleased to advance the development of this project with a world-renowned partner, ensuring Suriname benefits significantly from both financial gains and the assurance of safe and environmentally friendly operations.”

Key technological advancements, including water alternating gas (WAG) injection and ocean bottom node (OBN) seismic technology, are expected to enhance the recoverable resources of the project. These technologies will aid in the placement of development wells and the identification of additional resource potential. The first OBN campaign, covering 900 km², is scheduled for the latter half of 2024.

TotalEnergies and Staatsolie have made significant strides towards the FID for Block 58. They have agreed on a development area designed to maximize value for Suriname and the project’s stakeholders over a 25-year production period.

Additionally, a floating production storage and offloading (FPSO) unit, with a daily capacity of 200,000 barrels of oil, has been secured. To reduce greenhouse gas emissions, the facilities will be designed to eliminate routine flaring, with all associated gas being reinjected into the reservoirs.

Javier Rielo, Senior Vice President Americas for Exploration & Production at TotalEnergies, commented: “We are pleased to move forward with Staatsolie and APA towards the FID for Block 58, marking a significant milestone in our partnership with Suriname. Our focus is on deploying advanced technologies to minimize environmental impact, maximize resource recovery, and ensure economic benefits for the country.”

Looking ahead, additional exploration activities off the coast of Suriname may be imminent, as Staatsolie recently signed production sharing contracts (PSCs) with Shell, TotalEnergies, QatarEnergy, and Petronas for three offshore blocks in December 2023.

TotalEnergies is also advancing other projects globally, including a solar-powered LNG project in Oman and an offshore oil project in Angola, both of which have reached the FID stage.

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