Progress towards Final Investment Decision Block 58

05 June 2024

Good progress is being made by TotalEnergies, APA Corporation and Staatsolie towards a final investment decision for Block 58 in the Surinamese maritime area. The FID is expected in the fourth quarter of 2024 and start of the production is expected for 2028.

During the Suriname Energy, Oil & Gas Summit and Exhibition (SEOGS), Javier Rielo, Senior Vice President Americas, Exploration & Production of TotalEnergies, and Annand Jagesar, General Manager of Staatsolie Maatschappij Suriname N.V., announced important steps taken towards the FID for the development of a production field in Block 58. TotalEnergies (the operator) and APA Corporation each have an investment of fifty percent in Block 58. Staatsolie has the option to partake in the investment in the production field with a maximum of twenty percent after the FID.

Staatsolie and TotalEnergies have agreed on the size of the area to be developed, and aim to maximize value for Suriname and the Block 58 partners over a production period of 25 years. In addition, the hull for the floating production and storage platform with a capacity of 200,000 barrels of oil per day has been secured.

The preliminary design studies for the development of the Sapakara and Krabdagu fields are progressing. These fields have a combined reserve of more than 700 million barrels of oil. The fields will be constructed and produced using the latest techniques and methods. An advanced seismic survey will start in the second half of this year to map out where the production wells can best be placed to produce as optimally as possible. The seismic survey will cover 900 square kilometers.

TotalEnergies will also work closely with Staatsolie during the development and production phase to attract as many local goods and services as possible, as was also done in the exploration and evaluation phase.

The next milestone is the FID and all parties are committed to achieving a steady development of Block 58. Staatsolie is pleased to be carrying out this project with an international partner with a good reputation. Additionally the safe and environmentally friendly execution of the project is also essential. It is important that Suriname benefits optimally from the cash flows and it is therefore time for all stakeholders in Suriname to commit to a clear plan to manage future resources in such a way that a bright future is created for the entire Surinamese population.