REG-TotalEnergies SE Suriname: TotalEnergies Announces an Oil Project of 200,000 b/d in Block 58 and Launches Development Studies With the Objective of Sanctioning the Project End 2024

TotalEnergies SEAnnouncement

13/09/2023 17:15

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Suriname: TotalEnergies Announces an Oil Project of 200,000 b/d in Block 58
and Launches Development Studies With the Objective of Sanctioning the Project
End 2024

 

On the occasion of the meeting held in Paramaribo between Patrick Pouyanné,
Chairman and CEO of TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), His
Excellency Chandrikapersad Santokhi, President of the Republic of Suriname,
and Annand Jagesar, CEO of Staatsolie, TotalEnergies has announced the
launching of the development studies for a large oil project in Block 58,
offshore Suriname. TotalEnergies is the operator of Block 58, with a 50%
interest, alongside APA Corporation (50%).

Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was
successfully completed in August 2023, with the drilling and testing of three
wells, and confirmed combined resources close to 700 million barrels for the
two fields. These reserves, located in water depths between 100 and 1,000
meters, will be produced through a system of subsea wells connected to a FPSO
(Floating Production, Storage and Offloading unit) located 150 km off the
Suriname coast, with an oil production capacity of 200,000 barrels per day.
The project will represent an investment of approximatively $9 billion.

The detailed engineering studies (FEED) will start by end 2023 and the Final
Investment Decision is expected by end 2024 with a first production target in
2028.

TotalEnergies is committed to the authorities of Suriname to develop this
project in a responsible manner, both by ensuring benefits in terms of job
creation and economic activities for Suriname and by using the best available
technologies to minimize greenhouse gas emissions. In particular, the
facilities will be designed for zero flaring, with the associated gas entirely
reinjected into the reservoirs. During the upcoming development and production
phases, TotalEnergies will continue working closely with the national oil
company Staatsolie to reinforce the actions in favor of local content. These
actions have already allowed the training of more than 80 people for logistic
base operations in Paramaribo during the exploration and appraisal phases.

“The Block 58 development studies that we are launching today are a major
step towards the development of the petroleum resources of Suriname. This
development is in line with TotalEnergies’ strategy aiming at the
development of low cost, low emissions oil resources, and leverages on our
Company’s expertise in deep water projects. We will thus contribute to
improving the bell-being of the people of Suriname”, said Patrick Pouyanné,
Chairman and CEO of TotalEnergies.

“Suriname is going through a challenging economic period. This announcement
provides the much-needed outlook towards positive developments for our nation.
We are confident that the Surinamese people will benefit from the economic
spin-off that will be generated in the next phases. Local entrepreneurs will
have to seize the opportunities to provide their services and goods. We will
make sure that future income from the offshore oil and gas will be spent
wisely. Those incomes will contribute to the prosperity and stability fund,
and will be a means to diversify our economy by developing sustainable sectors
such as agriculture and tourism” said His Excellency Chandrikapersad
Santokhi, President of the Republic of Suriname.

“Our company was set-up to find, develop and produce oil in the Offshore. It
took huge efforts, great patience and excellent partners to come to this
long-awaited moment. We see the momentum, increased understanding of the
basin, and diligent execution as key elements for further unlocking the Block
58 and Suriname basin potential in a responsible way”, said Annand Jagesar,
CEO of Staatsolie.

***

About TotalEnergies in Suriname

TotalEnergies is present in Suriname since 2019 in Block 58 where five
significant discoveries have been made and is also exploring Blocks 6 and 8
since 2023.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in nearly 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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nor any of its subsidiaries assumes any obligation to update publicly any
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TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

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