Will totalenergies invest $10 billion in Suriname Oil & Gas Project?

French oil major TotalEnergies will sign a final investment decision (FID) on Tuesday for a more than $10 billion offshore oil and gas development in Suriname, the South American country's first, said four sources with knowledge of the project.

Where is totalenergies located in Suriname?

TotalEnergies is present in Suriname since 2019 in Block 58 where five significant discoveries have been made and is also exploring Blocks 6 and 8 since 2023. TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity.

Will Suriname be able to pump oil in 2028?

TotalEnergies announced a $10.5 billion offshore project in Suriname that will use a floating production vessel similar to those operating in Brazil. Photographer: Dado Galdieri/Bloomberg TotalEnergies SE and APA Corp. approved a $10.5 billion project to develop the first oil discoveries off Suriname, with a view to pumping crude as soon as 2028.

What does Suriname expect from offshore oil & gas development?

Suriname is committed to a strong and loyal partnership and expects that the offshore oil and gas development will take off in compliance with environmentally regulations and standard.” “ The FID is a historic milestone in Suriname's oil and gas industry. What seemed like a distant dream is becoming a reality.

Why should we invest in oil in Suriname?

Those incomes will contribute to the prosperity and stability fund, and will be a means to diversify our economy by developing sustainable sectors such as agriculture and tourism” said His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname. “Our company was set-up to find, develop and produce oil in the Offshore.

What is totalenergies' commitment to the authorities of Suriname?

TotalEnergies is committed to the authorities of Suriname to develop this project in a responsible manner, both by ensuring benefits in terms of job creation and economic activities for Suriname and by using the best available technologies to minimize greenhouse gas emissions.