TotalEnergies Advances $12.2B Oil Project Off Suriname's Coast Ahead of Schedule

TotalEnergies and its partners are on track to complete their $12.2 billion oil project in Block 58 off the coast of Suriname by 2028.

Recently, TotalEnergies' CEO Patrick Pouyanné visited Suriname to discuss the progress with local officials, including President Jennifer Geerlings-Simons and Staatsolie Managing Director Annand Jagesar.

The project, called GranMorgu, is expected to produce 220,000 barrels of oil per day once it reaches full capacity. The team is currently constructing a floating production, storage, and offloading (FPSO) vessel and fabricating key components for the offshore installations.

Staatsolie emphasizes that this equipment will be installed on the seabed for oil production, while TotalEnergies' partners are Staatsolie and APA Corporation. The project's investment value is estimated to reach up to $12.2 billion, surpassing the initial estimate of $10.5 billion.