TotalEnergies Announced Final Investment Decision on GranMorgu Development in Suriname

SEATTLE (Oil Monster): French energy major TotalEnergies announced the Final Investment Decision (FID) for the “GranMorgu” development located on offshore Block 58 in Suriname. The announcement followed the meeting of Patrick Pouyanne, Chairman and CEO of TotalEnergies with His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, CEO of Suriname’s National Oil Company.

The GranMorgu project seeks to develop the Sapakara and Krabdagu oil discoveries, which are located 150 km off the coast of Suriname. The fields are estimated to hold resources at over 750 million barrels.

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The project comprises of a 220,000 barrels of oil per day FPSO unit. It is predicted that the project will cost a total of $10.5 billion. The corporate representative stated that the first oil is anticipated by 2028.

To guarantee reduced greenhouse gas emissions, TotalEnergies intends to make use of best-in-class technologies. The investments will focus on creating jobs and local content, which will significantly advance the economic growth of the nation. The projected value of all local content is $1 billion. It is also anticipated that the project will generate around 6,000 jobs in Suriname.

The FID is considered as a historic milestone in the country’s oil and gas industry.