APA and TotalEnergies’ offshore Suriname GranMorgu development is estimated to hold recoverable reserves of more than 750 million barrels. (Source: Shutterstock)
Subsidiaries of APA Corp. and TotalEnergies have reached a final investment decision (FID) for first oil development in Block 58 offshore Suriname. Total investment for the “GranMorgu” project comes in at $10.5 billion, and first oil from the 50-50 joint venture is anticipated in 2028, according to the companies’ Oct. 1 news releases.
GranMorgu means both “new dawn” and “Goliath grouper” in Sranan Tongo, the local dialect. It will develop the Sapakara and Krabdagu oil discoveries, which were appraised in 2023. The fields hold recoverable reserves estimated at more than 750 MMbbl, TotalEnergies said.
The project includes a 220,000 bbl/d floating production, storage and offloading (FPSO) unit, and is designed to accommodate future tie-backs, which could extend its four-year production plateau, the companies said.
TotalEnergies is the operator on Block 58 with a 50% interest alongside APA Suriname 58 Corp.’s 50%. Staatsolie, Suriname’s national oil company, has a 20% interest option to enter the development project following FID.
RELATED
Suriname’s Staatsolie Hopeful of APA, TotalEnergies Offshore 2024 FID
Offshore Suriname neighbors Guyana, where Exxon is challenging Chevron’s $53 billion merger with Hess Corp. to take control of Hess’ 30% stake in the Stabroek Block, a prolific offshore reservoir 120 miles offshore Guyana. The merger won approval from the U.S. Federal Trade Commission on Sept. 30.
Recommended Reading
With ‘Pipeline of M&A,’ Crescent Ready for Another Deal
2024-08-08 - Fresh off closing its $2.1 billion SilverBow Resources acquisition, Crescent CEO David Rockecharlie told investors, “we are just getting started.”
Growth Through M&A: The Making of an Eagle Ford and Uinta Giant
2024-10-04 - Crescent Energy CEO discusses the expanding gravitational pull of Crescent after acquiring SilverBow and others.
Crescent Energy Closes SilverBow Deal, Adding Eagle Ford Scale
2024-07-30 - Crescent Energy closed a $2.1 billion merger with SilverBow Resources, creating the second-largest operator in the South Texas Eagle Ford Shale.
Crescent Energy Bolts On Oil-weighted Eagle Ford Acreage
2024-09-04 - The deal, Crescent said, builds on the company’s Eagle Ford M&A in the past 18 months, including its recent $2.1 billion acquisition of SilverBow Resources.
Cash, Stock or Both? SilverBow Shareholders Choose Merger Consideration
2024-07-25 - Crescent Energy and SilverBow Resources, which are merging in a $2.1 billion deal, said that approximately $358.09 million in cash will be paid to holders of SilverBow common stock as part of the merger consideration.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.