French energy company TotalEnergies and its partners in the $12 billion GranMorgu offshore oil and gas project in Suriname are on track to inaugurate output in mid-2028, the head of state-run Staatsolie, Annand Jagesar, said on Saturday during a tour to oversee the development's progress.
"Together, we are not only developing an energy project, we are writing a new chapter in Suriname's history," said Jagesar during the event in Paramaribo, the capital of the small South American nation.
Suriname is seeking to follow neighbouring Guyana's transformation into a major oil producer through offshore developments led by international energy companies.
While plenty of oil and gas deposits have been discovered in Suriname's waters since 2019, the country still awaits its first offshore oil and gas output. Wood Mackenzie in 2024 estimated Suriname's discovered resources at more than 2.4 billion barrels of oil and liquids and more than 12.5 trillion cubic feet (TCF) of gas.
Companies involved in the project - TotalEnergies, Staatsolie and APA Corp - have already spent about 50% of total investment planned, said TotalEnergies' chairman Patrick Pouyanne. GranMorgu will be the first developing Suriname's vast offshore resources.
Well head components, tubing hangers and other materials manufactured in Malaysia are due to be installed soon to control the flow of oil and gas back to the platform via a network of underwater subsea architecture and pipelines, executives said.
The project is located in a large offshore area comprising 1.4 million acres known as Block 58. The block has been closely watched as it is adjacent to Exxon Mobil's massive Stabroek block in Guyana.
Jagesar also said he hopes to expand the country's offshore oil and gas production in the block, where TotalEnergies is slated to drill four new exploratory wells next year.
"I dream of a second project, a second FPSO (Floating Production Storage and Offloading) in Block 58," Jagesar said.
(Reuters - Reporting by Ank Kuipers, Editing by Marianna Parraga, Laura Gottesdiener and Chizu Nomiayma)