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) $ 60,779.28 2.58%
ethereum
Ethereum (ETH) $ 2,391.48 2.19%
tether
Tether (USDT) $ 0.998829 0.10%
bnb
BNB (BNB) $ 568.70 1.38%
solana
Solana (SOL) $ 139.74 2.97%
usd-coin
USDC (USDC) $ 0.999654 0.06%
xrp
XRP (XRP) $ 0.526928 1.19%
staked-ether
Lido Staked Ether (STETH) $ 2,390.55 2.18%
dogecoin
Dogecoin (DOGE) $ 0.107857 0.96%
tron
TRON (TRX) $ 0.159304 0.38%
the-open-network
Toncoin (TON) $ 5.08 2.48%
cardano
Cardano (ADA) $ 0.33919 1.94%
avalanche-2
Avalanche (AVAX) $ 25.94 1.44%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 2.87%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,826.50 2.21%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 60,725.27 2.45%
weth
WETH (WETH) $ 2,393.71 2.17%
chainlink
Chainlink (LINK) $ 10.63 2.46%
bitcoin-cash
Bitcoin Cash (BCH) $ 322.08 1.95%
dai
Dai (DAI) $ 0.999619 0.07%
polkadot
Polkadot (DOT) $ 4.05 1.60%
leo-token
LEO Token (LEO) $ 6.05 0.84%
uniswap
Uniswap (UNI) $ 7.39 3.67%
sui
Sui (SUI) $ 1.87 4.61%
near
NEAR Protocol (NEAR) $ 4.64 5.99%
litecoin
Litecoin (LTC) $ 64.82 1.26%
bittensor
Bittensor (TAO) $ 576.64 2.81%
aptos
Aptos (APT) $ 8.41 8.73%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,512.52 2.19%
pepe
Pepe (PEPE) $ 0.000009 4.19%
internet-computer
Internet Computer (ICP) $ 7.90 1.62%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 6.52%
kaspa
Kaspa (KAS) $ 0.13218 3.12%
first-digital-usd
First Digital USD (FDUSD) $ 0.998587 0.47%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.36695 2.96%
monero
Monero (XMR) $ 149.59 2.05%
ethereum-classic
Ethereum Classic (ETC) $ 18.25 0.85%
stellar
Stellar (XLM) $ 0.089908 0.16%
blockstack
Stacks (STX) $ 1.66 4.14%
okb
OKB (OKB) $ 41.07 3.90%
ethena-usde
Ethena USDe (USDE) $ 0.998025 0.08%
dogwifcoin
dogwifhat (WIF) $ 2.35 5.17%
immutable-x
Immutable (IMX) $ 1.40 3.37%
aave
Aave (AAVE) $ 140.82 0.97%
filecoin
Filecoin (FIL) $ 3.52 3.59%
crypto-com-chain
Cronos (CRO) $ 0.07567 0.72%
render-token
Render (RENDER) $ 5.13 3.91%
optimism
Optimism (OP) $ 1.54 6.22%
mantle
Mantle (MNT) $ 0.588189 2.72%
injective-protocol
Injective (INJ) $ 19.47 1.74%