Energy
TotalEnergies, APA Greenlight $10.5 Billion Suriname Oil Project
- French major, US firm announce Suriname’s largest investment
- Suriname’s state oil company may take up to 20% in the project
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TotalEnergies SE and APA Corp. approved a $10.5 billion project to develop the first oil discoveries off Suriname, with a view to pumping crude as soon as 2028.
The GranMorgu project, which will cost $1.5 billion more than forecast last year, includes a 220,000 barrel-a-day floating production unit, the French major and the US firm said Tuesday. The Sapakara and Krabdagu fields on Block 58, about 90 miles offshore, hold recoverable reserves estimated at more than 750 million barrels.