On October 1, 2024, Patrick Pouyanné, CEO of TotalEnergies, met with President Chandrikapersad Santokhi of Suriname and Annand Jagesar, CEO of Staatsolie, to announce the Final Investment Decision (FID) for the "GranMorgu" oil project in offshore Block 58. The project will develop the Sapakara and Krabdagu oil fields, with over 750 million barrels of recoverable reserves. The development includes a 220,000-barrel-per-day Floating Production Storage and Offloading (FPSO) unit, with a total investment of $10.5 billion and expected production by 2028.

The GranMorgu project incorporates advanced technology to minimize greenhouse gas emissions, such as an all-electric FPSO with zero routine flaring and gas reinjection. The FPSO is also designed to allow future production expansions. Staatsolie plans to exercise its option to join the project, contributing up to a 20% interest by June 2025. The project is set to boost Suriname’s economy, with over 6,000 jobs to be created and significant local investment exceeding $1 billion.

In addition to the oil project, TotalEnergies and APA signed a Memorandum of Understanding with Suriname’s Health Ministry to support the rehabilitation of two mother and child hospitals. Both Pouyanné and Santokhi emphasized the significance of this partnership for Suriname, while Jagesar highlighted its potential to improve living standards for the country’s citizens.

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