TotalEnergies (TTE) has made the Final Investment Decision (FID) for the GranMorgu development situated on offshore Block 58 in the Republic of Suriname, with an investment reaching approximately $10.5 billion.
As the operator, TotalEnergies holds a 50% interest in Block 58, with APA Corp. (APA) possessing the remaining 50%. Both companies have also signed a Memorandum of Understanding with the Surinamese Health Ministry to support the rehabilitation of two mother and child hospitals in Paramaribo.
The GranMorgu project aims to develop the Sapakara and Krabdagu oil discoveries, following a successful exploration and appraisal campaign completed in 2023. These fields, located 150 km off the coast of Suriname, have recoverable reserves estimated to exceed 750 million barrels.
Key features of the project include a Floating Production Storage and Offloading (FPSO) unit with a capacity of 220,000 barrels of oil per day. The total investment is estimated at around $10.5 billion, with first oil anticipated in 2028.
Notably, TotalEnergies highlighted that the GranMorgu FPSO is designed to support future tie-back opportunities that could prolong its production plateau.
Staatsolie has declared its intent to exercise an option to join the development project with an interest of up to 20%. The partners have agreed that Staatsolie will contribute to the project from the FID stage and finalize its participation before June 2025.
TotalEnergies also emphasized that substantial investments will be directed towards local content and job creation, contributing to the Surinamese economy's growth. Paramaribo will serve as the primary hub for administrative, support, and logistic activities.
Local companies will be actively involved in logistics, well services, as well as the installation and operation of subsea systems and the FPSO. The estimated local content exceeds $1 billion, forecasting the creation of more than 6000 jobs, including 2000 direct and 4000 indirect and induced jobs.
