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The French Energy Giant Acquires Stake in Block 53, Strengthening Its Position and Creating Synergies with the GranMorgu Development Project.
The TotalEnergies, the French energy giant, has expanded its oil and gas portfolio off the coast of Suriname. The company has acquired a minority stake in a new block. This acquisition is close to an area where a large oil project is already under development.
Strategic Acquisition of TotalEnergies in Block 53
The TotalEnergies has signed an agreement to purchase a 25% stake from Moeve (formerly known as CEPSA) in Block 53, located in Surinamese waters. This means the French company joins the existing partners in the license: APA, which holds 45% and operates the block, and Petronas, with 30%.
Block 53 is situated east of Block 58, where TotalEnergies is the operator with a 40% stake. The newly acquired block contains the Baja-1 discovery, drilled near the border with Block 58.
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TotalEnergies’ Synergy with the GranMorgu Project
Javier Rielo, Senior Vice President of the Americas for Exploration and Production at TotalEnergies, emphasized the importance of the acquisition. “This acquisition brings new resources for the development of our GranMorgu low-cost and low-emission project,” he stated.
He explained that TotalEnergies will use the infrastructure of the GranMorgu project to profitably develop additional resources. This strategy aims to increase production and strengthen the company’s position in the promising offshore area of Suriname. The Final Investment Decision (FID) for the development of GranMorgu was announced in October 2024.
Low-Emission and Low-Cost Development
The GranMorgu project is notable for its focus on sustainability. The expectation is that the project will have a scope 1 and 2 emissions intensity of less than 16 kg of CO2e per barrel of oil equivalent (boe). This commitment from TotalEnergies aligns development with goals of lower environmental impact.
The field development, budgeted at 12.2 billion dollars, is located approximately 150 kilometers off the coast of Suriname. The project aims to develop the resources of the Sapakara and Krabdagu fields.
Partnerships and FPSO Construction for GranMorgu
Significant advancements are already underway for the GranMorgu project. SBM Offshore recently began cutting the first steel for the floating production, storage, and offloading (FPSO) unit intended for the TotalEnergies project. This milestone marks the start of the construction of the vessel’s deck module.
Several companies have been contracted to enable the development. SBM Offshore and Technip Energies are responsible for the work related to the FPSO. Other key partners include ADC Energy, TechnipFMC, and Saipem. TotalEnergies operates the project in partnership with APA and the state oil company of Suriname, Staatsolie Maatschappij Suriname (Staatsolie).
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