TotalEnergies' Suriname offshore project on track for first output in mid-2028

• The GranMorgu project represents a $12 billion investment, with approximately 50% of funds already spent as of the site visit
• This will be Suriname's first offshore oil and gas development, opening up the country's vast untapped offshore resources
• Wellhead components and subsea infrastructure manufactured in Malaysia are being installed to control oil and gas flow to the platform

TotalEnergies' $12B Suriname Offshore Project Targets Mid-2028 Launch

French energy major TotalEnergies and its partners are advancing the GranMorgu offshore oil and gas development in Suriname, maintaining their timeline for first production in mid-2028, according to state-run Staatsolie head Annand Jagesar.

Key Financial Details:

• Total project investment: $12 billion
• Approximately 50% of planned capital already deployed
• Represents Suriname's first commercial development of offshore hydrocarbon resources

Project Partners:

• TotalEnergies (operator)
• Staatsolie (Suriname's state oil company)
• APA Corp

Development Progress:

TotalEnergies Chairman Patrick Pouyanne confirmed the project has reached the halfway mark in capital spending. Current activities include the planned installation of wellhead components, tubing hangers, and related equipment manufactured in Malaysia. These materials will establish subsea infrastructure to control oil and gas flow from wells to the production platform through underwater pipeline networks.

Market Implications:

The GranMorgu project marks a significant milestone for Suriname's emerging energy sector, opening access to the country's substantial offshore reserves. The project's timely progression despite its scale demonstrates TotalEnergies' commitment to developing new production sources amid global energy transition challenges. For Suriname, first oil in 2028 will transform the nation's economic landscape, generating substantial revenue and potentially attracting additional exploration investment in the region.

The development aligns with broader industry trends of major oil companies balancing traditional hydrocarbon investments with energy transition pressures, particularly in frontier basins offering large-scale resource potential.