TotalEnergies approves $10.5 billion GranMorgu oil project in Suriname
(WO) - TotalEnergies has announced the final investment decision (FID) for the GranMorgu development on offshore Block 58 in Suriname. The decision was made during a meeting in Paramaribo between Patrick Pouyanné, chairman and CEO of TotalEnergies, Suriname's president Chandrikapersad Santokhi, and Staatsolie CEO Annand Jagesar.
The GranMorgu project, named after the Sranan Tongo words for "new dawn" and "Goliath grouper," will develop the Sapakara and Krabdagu oil discoveries, with estimated recoverable reserves of over 750 million barrels of oil. Located 150 kilometers off Suriname’s coast, the project is expected to produce 220,000 barrels of oil per day via a Floating Production Storage and Offloading (FPSO) unit, with first oil anticipated in 2028.
TotalEnergies, which operates Block 58 with a 50% interest alongside APA Corporation, estimates the total project investment at $10.5 billion. Staatsolie, Suriname’s national oil company, intends to exercise its option to acquire up to a 20% stake in the development by June 2025.
The GranMorgu FPSO unit is designed to minimize greenhouse gas emissions through several technologies, including an all-electric configuration with zero routine flaring and reinjection of associated gas into reservoirs. Other features include a Waste Heat Recovery Unit, optimized water cooling, and permanent methane detection systems.
The project is also expected to boost Suriname's economy, with over $1 billion in local investments and the creation of more than 6,000 jobs. Paramaribo will serve as the main hub for administrative and logistical support. Local companies will be involved in various aspects of the project, such as logistics and well services.
During the FID announcement, TotalEnergies and APA signed a Memorandum of Understanding with Suriname’s Health Ministry to support the rehabilitation of two hospitals in Paramaribo.
“This landmark project marks the first offshore development in Suriname and is a major milestone for our deep offshore innovation," said TotalEnergies CEO Patrick Pouyanné. "We look forward to working with Staatsolie to deliver a transformative project for Suriname’s economy."
President Santokhi hailed the decision as a historic moment for Suriname, highlighting the opportunities for investment and revenue the project will create. Staatsolie CEO Annand Jagesar added that the FID represents the largest investment in Suriname's history and expects the project to have a lasting positive impact on the country’s economy and living standards.
