TotalEnergies Announces $10B Investment in Suriname

TotalEnergies is set to announce a final investment decision (FID) on a $10 billion offshore oil and gas project in Suriname, marking the country's first major development in this sector. The Gran Morgu field, located in Block 58, has estimated recoverable resources of 700 million barrels of oil equivalent and is strategically positioned near Exxon Mobil's significant discoveries in Guyana. TotalEnergies CEO Patrick Pouyanne will formally unveil the FID alongside Surinamese President Chan Santokhi, with first oil production targeted for early 2028. Suriname's state-owned energy company, Staatsolie, is expected to acquire a 20% stake in the project and anticipates that the country's oil resources could generate revenues between $16 billion and $26 billion. This investment aligns with TotalEnergies' strategy emphasizing low-cost and low-emissions oil production. The project exemplifies Suriname's potential to become a significant player in the offshore oil market, following the successes of neighboring Guyana.