Suriname energy storage project won the bid

Is Suriname's most promising oil & gas project a good investment?

By Ank Kuipers and Marianna Parraga PARAMARIBO (Reuters) -France's TotalEnergies and U.S. APA Corp on Tuesday announced a positive investment decision for Suriname's most promising oil and gas project, Block 58, which is expected to inaugurate the nation's offshore output.

Does Suriname have a strong energy sector?

Suriname’s oil and gas sector is taking off at a dynamic time for the global energy industry, with a worldwide energy transition and wars in Ukraine and the Middle East hampering supply. As TotalEnergies prepares to sanction a USD 9-billion offshore project, the country’s policymakers are planning sustainable gains from a volatile sector.

What's going on with totalenergies' Suriname oil project?

For TotalEnergies, the Suriname project is part of its strategy to focus on low-cost, low-emissions upstream oil projects. The oil will be able to be produced for under $20 per barrel, Pouyanne has said, while respecting the company's emissions cap of 18 kg of CO2-equivalent per barrel of oil equivalent on new projects.

Why should we invest in oil in Suriname?

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.

How much money has flowed into the Surinamese economy?

Approximately US$ 90 million has flowed into the Surinamese economy due to, among other things, the purchase of local labor, goods and services. To develop the first offshore production field, approximately thirty wells will have to be drilled over 2.5 years.