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TotalEnergies SE (NYSE:TTE), APA Corporation (NASDAQ:APA), and Staatsolie Maatschappij Suriname disclosed key advancements towards the Final Investment Decision (FID) for developing offshore Block 58.
The FID is anticipated in the fourth quarter of 2024, with production set to begin in 2028. Notably, TotalEnergies and APA operate Block 58, with each holding a 50% stake.
Staatsolie has the option to join the development project with up to a 20% interest once the FID is made.
Significant milestones have been reached on the path to FID, with Staatsolie and TotalEnergies already agreeing on the field development area, optimizing value for Suriname and Block 58 co-venturers over the 25-year production period.
Additionally, the hull for a 200,000 barrels per day Floating Production Storage and Offloading (FPSO) unit has been secured.
The companies said that engineering studies (FEED) for the Sapakara and Krabdagu fields are advancing. The combined recoverable resources are estimated at over 700 million barrels, aided by Water Alternating Gas (WAG) injection technology.
Ocean Bottom Node (OBN) seismic technology will enhance resource maximization and well placement and identify additional resources. A 900 km² OBN campaign will be conducted in the second half of 2024.
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Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies said, “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.”
Also Read: Eastward Bound: TotalEnergies Secures Two New Contracts In Asia
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).
Price Action: TTE shares are up 0.13% at $70.42 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
