TotalEnergies and APA Corporation launch development studies for a large oil project in Block 58, offshore Suriname, with an estimated investment of $9 billion
Type: Development · Technology: Oil Gas · Country: Suriname · Value: $9B · Announced: 2023-09-13
TotalEnergies and APA Corporation have commenced development studies for a $9 billion deepwater oil project in Block 58, offshore Suriname. This frontier development targets first oil by 202.
Analysis
TotalEnergies and APA Corporation have formally initiated development studies for a substantial $9 billion deepwater oil project in Block 58 offshore Suriname. This significant capital allocation, announced on 2023-09-13, signals a joint commitment to advancing a new hydrocarbon basin. The project targets first oil by 202., positioning this frontier region as a future deepwater production hub. Moving beyond exploration, both TotalEnergies and APA Corporation are now focused on monetizing discovered resources, with the estimated $9 billion investment indicating a large-scale, complex deepwater undertaking. For APA Corporation, an independent oil and natural gas exploration and production company with annual revenues exceeding $8 billion and daily production around 490,000 boe/d, this Suriname project adds a material deepwater asset and a significant growth vector to its existing portfolio. TotalEnergies, a global integrated energy company focused on producing and marketing energies, aligns this $9 billion development with its strategy to secure long-term energy supplies. The joint venture leverages TotalEnergies' deepwater development expertise alongside APA Corporation's E&P capabilities, pooling resources for the complex offshore undertaking in Block 58.
Key points
- Estimated investment of $9 billion for the deepwater oil project.
- TotalEnergies and APA Corporation are developing Block 58 offshore Suriname.
- APA Corporation reports annual revenues exceeding $8 billion and daily production around 490,000 boe/d.
- First oil is targeted by 202.
- The project is located in a frontier deepwater basin in Suriname.
Counterparties
- APA Corporation (Partner)
- TotalEnergies (Developer)