TotalEnergies has announced the beginning of development studies for a new oil project offshore Suriname. The initiative is part of Block 58, which TotalEnergies operates with a 50% stake.
Detailed engineering studies (FEED) for the Sapakara South and Krabdagu discoveries will be launched by the end of the year, with a final investment decision (FID) likely to happen by the end of 2024.
The discoveries were fully appraised last August. The three wells drilled for testing assessed that combined resources for both Sapakara South and Krabdagu sum up to 700 million barrels of oil.
Requiring an investment of US$9bn, the fields will be connected to a floating production, storage and offloading (FPSO) unit. First oil is expected in 2028.
Block 58's remaining 50% share is owned by APA Corporation.
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