TotalEnergies announces the expansion of Suriname’s oil industry, following a final investment decision ( FID ) for the development of the GranMorgu project, located in Block 58 offshore. This oil project developed in collaboration with Staatsolie and APA Corporation , marks the beginning of a new era for the Surinamese economy and oil production in the country.
The GranMorgu project will strengthen Suriname’s oil industry
The GranMorgu project, whose name means ” new dawn ” in the local Sranan Tongo language, will focus on the discoveries in the Sapakara and Krabdagu fields , located 150 kilometres off the coast of Suriname.
[post_relacionado]Recoverable reserves in this basin are estimated at over 750 million barrels of oil, making GranMorgu one of the most promising developments in the region. TotalEnergies and APA Corporation each hold 50% of the block, while Staatsolie has expressed its intention to acquire up to a 20% stake in the project by June 2025.
The project is supported by a floating production, storage and offloading ( FPSO ) unit with the capacity to produce 220,000 barrels of oil per day. This proven design will enable efficient production, and this includes innovative measures to minimise greenhouse gas ( GHG ) emissions, such as full re-injection of associated gas into the reservoirs and an all-electric FPSO configuration with no routine flaring. These low-emission technologies are critical to keeping emissions intensity below 16 kg of CO₂ per barrel of oil equivalent ( boe ).
The projection of economic growth and investment
The total investment in the project is estimated at 10.5 billion dollars, a figure that represents the largest investment ever made in Suriname. This initiative will boost the country’s economic growth, and will allow for the creation of significant job opportunities and local content.
More than 6,000 direct and indirect jobs are expected to be created, while local content in goods and services will exceed $1 billion. Local Surinamese companies will be actively involved in logistics , installation of subsea systems and support services for the FPSO .
First oil production is scheduled for 2028, just five years after the final investment decision, an accelerated timeline that reflects TotalEnergies ‘ experience and ability to execute large offshore projects. This start-up responds to the company’s strategy of developing low-cost, low-emission oil projects, while complying with the most stringent environmental standards.
TotalEnergies’ environmental commitment
Surinamese President Chandrikapersad Santokhi stressed that this project will attract foreign investment and strengthen national capacities. ” This development will transform our economy, generating significant revenues and improving the quality of life of citizens ,” said Santokhi.
For his part, Annand Jagesar , CEO of Staatsolie, stressed that GranMorgu will be a key player in the growth of the oil industry in Suriname, ensuring top-level environmental performance. Furthermore, TotalEnergies, together with APA, signed a Memorandum of Understanding with the Ministry of Health of Suriname for the rehabilitation of two mother and child hospitals in Paramaribo, reflecting the company’s commitment to sustainable development and the well-being of local communities.
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Source and photos: TotalEnergies