This move positions the company to enhance the GranMorgu project by integrating new resources and leveraging existing infrastructure for extended production.
TotalEnergies, a global multi-energy company, today announced a significant strategic move in the burgeoning offshore energy sector of Suriname. The company has finalized an agreement to acquire a 25% interest in Block 53, located offshore Suriname, from Moeve (formerly CEPSA). This acquisition strengthens TotalEnergies' presence in the region, bringing it into partnership with APA (45%, operator) and Petronas (30%) in the promising license.
The deal, effective immediately, is a testament to TotalEnergies' commitment to expanding its exploration and production capabilities in a key growth area. Block 53 holds particular strategic importance due to its direct adjacency to Block 58, where TotalEnergies, as a 40% operator, along with its partners, made the Final Investment Decision (FID) for the GranMorgu development in October 2024. This close proximity facilitates a synergistic approach to development, allowing for the potential integration of resources and infrastructure.
A significant feature of Block 53 is the Baja-1 discovery, a promising find drilled in close proximity to the border of Block 58. The inclusion of this discovery in TotalEnergies’ portfolio is expected to contribute substantially to the company’s future production outlook in the region.
Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies, underscored the strategic rationale behind the acquisition. "This acquisition brings new resources to the development of our low-cost and low-emission GranMorgu project," Rielo stated. His comments highlight the dual benefit of the deal: not only does it secure additional reserves, but it also aligns with TotalEnergies' broader objective of developing sustainable and efficient energy projects.
Rielo further elaborated on the long-term vision, emphasizing how this acquisition will leverage existing infrastructure. “It also proves how TotalEnergies will leverage GranMorgu infrastructure to develop profitably additional resources and extend its production plateau, strengthening the position of the Company in the offshore of Suriname,” he added. This statement suggests a clear strategy to maximize the value of the GranMorgu investment by integrating new discoveries and optimizing operational efficiencies across adjacent blocks. By utilizing shared facilities, TotalEnergies aims to reduce development costs and accelerate the timeline for bringing new resources online, thereby extending the productive life of its assets in Suriname.
The offshore Suriname basin has emerged as a hotbed for significant oil and gas discoveries in recent years, attracting major international players. TotalEnergies has been a frontrunner in this exploration boom, with Block 58 being a cornerstone of its regional strategy.
