Global Infrastructure SherpaTotalEnergies and APA Corporation launch development studies for a large oil project in Block 58, offshore Suriname, with an estimated investment of $9 billion
USD9B
Deal Value
TotalEnergies, as operator with a 50% interest, and APA Corporation (50%) have launched development studies for a significant oil project in Block 58, offshore Suriname. The project, which follows successful appraisal of the Sapakara South and Krabdagu discoveries, is expected to involve an investment of approximately $9 billion and aims for a production capacity of 200,000 barrels per day by 2028. This initiative aligns with TotalEnergies' strategy to develop low-cost, low-emission oil resources and leverage its expertise in deepwater projects.
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Counterparts (2)
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TotalEnergies and APA Corporation are pushing ahead with a major deepwater oil project in Suriname's Block 58, targeting 200,000 barrels per day by 2028. This $9 billion investment follows successful appraisal of the Sapakara South and Krabdagu discoveries, moving the venture into development studies. For TotalEnergies, a global integrated energy company, the project aligns with their strategy to develop low-cost, low-emission oil resources, leveraging their deepwater expertise. The 50/50 partnership with APA Corporation demonstrates a significant joint commitment to unlocking this offshore potential.
- $9 billion estimated investment.
- 200,000 barrels per day production target by 2028.
- TotalEnergies operating with a 50% interest alongside APA Corporation.
- Project follows successful appraisal of Sapakara South and Krabdagu discoveries.
Timeline
Announced
Sep 13, 2023
Signed
Closed
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