Commodities and Futures News

TotalEnergies, APA greenlight $10 billion oil and gas project in Suriname

2024.10.01 09:21

By Ank Kuipers

PARAMARIBO (Reuters) -France’s TotalEnergies (EPA:) and U.S. APA Corp on Tuesday announced a positive investment decision for Suriname’s most promising oil and gas project, Block 58, which is expected to inaugurate the nation’s offshore output.

The small South American country wants to follow in the footsteps of neighboring Guyana, where a consortium led by Exxon Mobil (NYSE:) in 2019 began developing more than 11 billion barrels of recoverable oil and gas resources, turning the country into a prominent producer.

Total has said the investment decision for the $10 billion project would be made in the fourth quarter, aiming to begin output in the first half of 2028. Reuters on Monday disclosed the financial greenlight.

A Floating Production Storage and Offloading (FPSO) facility being built in Asia for the project is expected to be one of the company’s largest, CEO Patrick Pouyanne added.

© Reuters. FILE PHOTO: Patrick Pouyanne, Chief Executive Officer of TotalEnergies, arrives to attend a state dinner in honor of China's President Xi Jinping and his wife Peng Liyuan at the Elysee Palace in Paris, France, May 6, 2024. REUTERS/Sarah Meyssonnier/File Photo

TotalEnergies and APA plan to develop the Sapakara and Krabdagu fields, renamed as “Gran Morgu”, with combined recoverable resources estimated above 700 million barrels.

The announcement was made at Suriname’s presidential cabinet in presence of President Chan Santokhi, Pouyanne and APA’s CEO John Christmann.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,136.03 3.66%
ethereum
Ethereum (ETH) $ 3,390.41 5.42%
tether
Tether (USDT) $ 0.999904 0.03%
xrp
XRP (XRP) $ 2.24 5.14%
bnb
BNB (BNB) $ 667.37 3.86%
solana
Solana (SOL) $ 186.12 1.67%
dogecoin
Dogecoin (DOGE) $ 0.323921 12.63%
usd-coin
USDC (USDC) $ 0.999624 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,385.21 5.70%
cardano
Cardano (ADA) $ 0.917667 11.92%
tron
TRON (TRX) $ 0.246141 4.32%
avalanche-2
Avalanche (AVAX) $ 38.93 9.51%
chainlink
Chainlink (LINK) $ 22.84 8.93%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,055.78 6.00%
the-open-network
Toncoin (TON) $ 5.33 5.52%
sui
Sui (SUI) $ 4.64 24.19%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 13.10%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,848.95 3.45%
hyperliquid
Hyperliquid (HYPE) $ 33.35 29.94%
polkadot
Polkadot (DOT) $ 7.17 11.62%
stellar
Stellar (XLM) $ 0.363141 7.76%
hedera-hashgraph
Hedera (HBAR) $ 0.258144 3.15%
weth
WETH (WETH) $ 3,406.56 6.26%
bitcoin-cash
Bitcoin Cash (BCH) $ 452.78 11.10%
leo-token
LEO Token (LEO) $ 9.27 1.45%
uniswap
Uniswap (UNI) $ 13.37 14.14%
pepe
Pepe (PEPE) $ 0.000018 17.12%
litecoin
Litecoin (LTC) $ 100.11 8.42%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,576.73 5.55%
near
NEAR Protocol (NEAR) $ 5.19 8.15%
ethena-usde
Ethena USDe (USDE) $ 0.999466 0.19%
bitget-token
Bitget Token (BGB) $ 4.16 5.17%
aptos
Aptos (APT) $ 10.13 2.46%
usds
USDS (USDS) $ 1.00 0.05%
internet-computer
Internet Computer (ICP) $ 10.41 10.30%
aave
Aave (AAVE) $ 310.81 8.76%
crypto-com-chain
Cronos (CRO) $ 0.161174 7.56%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.482272 9.47%
mantle
Mantle (MNT) $ 1.18 9.91%
ethereum-classic
Ethereum Classic (ETC) $ 26.47 6.01%
render-token
Render (RENDER) $ 7.33 13.35%
vechain
VeChain (VET) $ 0.046453 12.67%
mantra-dao
MANTRA (OM) $ 3.87 8.46%
monero
Monero (XMR) $ 192.05 9.27%
whitebit
WhiteBIT Coin (WBT) $ 24.38 0.02%
bittensor
Bittensor (TAO) $ 470.98 11.16%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.31 9.15%
dai
Dai (DAI) $ 1.00 0.01%
ethena
Ethena (ENA) $ 1.12 20.28%
arbitrum
Arbitrum (ARB) $ 0.772373 9.11%