TotalEnergies to Invest $10.5 Billion in Suriname Oil Project

By Christian Moess Laursen

French energy major TotalEnergies said it would invest $10.5 billion in a large offshore oil-and-gas field in Suriname, in what would be the South American country's first offshore hydrocarbon development.

Europe's second-largest integrated oil company by market value said Tuesday that it signed a final investment decision for the Gran Morgu field, which has estimated recoverable resources of more than 750 million barrels.

The project fits with TotalEnergies' strategy of betting on low-cost, low-emission oil projects around the globe, often outside of the restrictive legal environments of North America and Europe.

This year, it has greenlit offshore oil fields in Brazil and Angola, along liquefied natural-gas projects in Nigeria and Oman.

Located around 150 kilometers, or 93 miles, off Suriname's coast, the block lies adjacent to U.S. giant ExxonMobil's 11 billion-barrel discovery in oil-rich Guyana.

TotalEnergies will operate the Gran Morgu field alongside Texas-based APA Corp., with the hydrocarbon producers holding a 50% interest each. Suriname's national oil company Staatsolie has an option to take a stake of up to 20%, which it has said it intends to exercise before June next year.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 01, 2024 09:13 ET (13:13 GMT)

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