(Reuters) TotalEnergies will begin studies for developing a $9 billion oil and gas project at Suriname’s most promising offshore area, the French energy firm said on Wednesday during a visit by its CEO to the South American country.
CEO Patrick Pouyanne met with Suriname President Chan Santokhi on Wednesday to discuss the project, which could inaugurate Suriname’s offshore production.
TotalEnergies and U.S. development partner APA are expected to make a final investment decision by the end of 2024 for block 58 off Suriname’s coast.
Following well appraisal drilling this year, the company confirmed cumulative resources of nearly 700 million barrels of oil and gas for the two fields recently explored at block 58. The discoveries will allow production of up to 200,000 barrels per day of oil and gas in the project, officials said.
The block will be developed through a system of underwater wells connected to an floating production, storage and offloading unit located 150 kilometers (93 miles) from the coast of Suriname, Total said in a release.
Detailed engineering studies will begin by the end of 2023 before a final investment decision is made by the end of 2024, with a target of having first production in 2028, Total said.
Pouyanne also met ministers and executives of state oil company Staatsolie.
The CEO had announced his travel to Paramaribo last week, and said the company had identified an oilfield “big enough to launch a sizeable deepwater development.”