Suriname's oil boom hopes are back on track with TotalEnergies and APA planning to make the final investment decision on the Block 58 project by the end of 2024, targeting first oil in 2028.
Former Dutch colony Suriname shares the offshore Guyana Suriname Basin with the former British colony of Guyana , which is reaping a massive economic windfall from one of South America’s largest oil booms of recent times. Suriname ’s government in Paramaribo is hungrily eyeing Guyana ’s oil boom, which has propelled the country into the global league of major oil-producing and exporting nations, putting it on track to become one of the wealthiest nations in South America.
It was originally believed that TotalEnergies and partner APA would approve the FID by the end of 2022, with first oil expected during 2025. After a lengthy delay, with TotalEnergies, as operator, continuing to conduct appraisal drilling and assessing the five discoveries made since 2020, the partners announced during 2023 a commitment to undertaking development studies, which is typically a precursor to a FID. TotalEnergies and APA have flagged that this decision will be made by year-end 2024.
Guyana Oil Offshore Oil Energy Economy
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