REG-TotalEnergies SE Suriname: TotalEnergies, APA Corporation and Staatsolie Progress towards Final Investment Decision on Block 58

TotalEnergies SEAnnouncement

05/06/2024 07:45

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Suriname: TotalEnergies, APA Corporation and Staatsolie Progress towards Final
Investment Decision on Block 58

 

On the occasion of the 2024 Suriname Energy Oil and Gas Summit, Javier Rielo,
Senior Vice President Americas, Exploration & Production for TotalEnergies
(Paris:TTE) (LSE:TTE) (NYSE:TTE), and Annand Jagesar, CEO of Staatsolie
Maatschappij Suriname N.V, the Suriname National Oil Company, announced
several significant steps towards the Final Investment Decision (FID) of the
development of offshore Block 58. This decision is expected in the fourth
quarter of 2024, for a production start-up in 2028.

TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA
Corporation (50%). Staatsolie has the option to enter the development project
with up to 20% interest upon FID.

Engineering studies (FEED) are progressing for the development of the Sapakara
and Krabdagu fields, with combined recoverable resources estimated above 700
million barrels thanks to the integration of Water Alternating Gas (WAG)
injection technology to maximize recovery. Ocean Bottom Node (OBN) seismic
technology will also play a key role in maximizing resources and the placement
of the development wells, as well as identifying resource upsides. A first OBN
campaign covering 900 km(2) will be carried out in second half of 2024.

Some key milestones have been recently reached in the path towards FID. An
agreement was concluded between Staatsolie and TotalEnergies on the field
development area, maximizing the value for Suriname and the Block 58
co-venturers over the 25 years Production Period. In addition, the hull for
the 200,000 barrels of oil per day (bopd) Floating Production Storage and
Offloading (FPSO) unit has been secured.

TotalEnergies is committed to developing this project responsibly using the
best technologies to minimize greenhouse gas emissions. In particular, the
facilities will be designed for zero routine flaring, with all associated gas
reinjected into the reservoirs. During the development and production phases,
TotalEnergies will work closely with Staatsolie to enhance local content, as
already demonstrated during the exploration and appraisal phases, with over 80
people trained for logistics operations in Paramaribo.

“We are glad to progress together with Staatsolie and APA towards the FID of
Block 58, which will be the next milestone in the partnership between Suriname
and TotalEnergies. Our Company is deploying advanced technologies to minimize
the environmental impact and maximize resource recovery, while focusing on
ensuring economic benefits for the country,” said Javier Rielo, Senior Vice
President Americas, Exploration & Production at TotalEnergies.

“Staatsolie is happy to progress towards the development of this project
with a world-renowned partner in such a way that Suriname optimally benefits
not only from large financial streams but as well from a design and execution
that will safeguard safe and clean operations,” said Annand Jagesar, CEO of
Staatsolie.

***

About TotalEnergies

TotalEnergies is a global integrated 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 provide as many
people as possible with energy that is more reliable, more affordable and more
sustainable. Active in about 120 countries, TotalEnergies places
sustainability at the heart of its strategy, its projects and its operations.

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is filed by TotalEnergies SE with the French securities regulator Autorité
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