BAKU, Azerbaijan, October 2. TotalEnergies has officially announced the Final Investment Decision (FID) for the GranMorgu offshore oil development in Suriname’s Block 58, Trend reports.
The decision was unveiled during a meeting between TotalEnergies CEO Patrick Pouyanné, Surinamese President Chandrikapersad Santokhi, and Staatsolie CEO Annand Jagesar.
The GranMorgu project will develop the Sapakara and Krabdagu oil fields, located 150 km off Suriname’s coast, with recoverable reserves estimated at over 750 million barrels. The project will feature a Floating Production Storage and Offloading (FPSO) unit, capable of processing 220,000 barrels of oil per day. First oil is expected in 2028, with the total investment estimated at $10.5 billion.
TotalEnergies holds a 50% interest in Block 58, alongside APA Corporation, with Staatsolie expected to take up to a 20% stake by 2025. The project is set to significantly impact the local economy, creating over 6,000 jobs and involving local companies in logistics and services.
Additionally, TotalEnergies and APA signed a Memorandum of Understanding with Suriname's Health Ministry to support the rehabilitation of two hospitals in Paramaribo.