TotalEnergies to start new drilling in Suriname next year, executive says

• The multi-well drilling campaign in Block 58 depends on rig availability and will target the 1.4 million acre offshore block
• Gran Morgu, TotalEnergies' largest Suriname development valued at $10.5 billion, is scheduled to start oil production in 2028, marking Suriname's first offshore crude output
• TotalEnergies is also pursuing a final investment decision 'in a few weeks' for its Venus discovery in Namibia's Orange basin

Summary

TotalEnergies plans to launch a new multi-well drilling campaign in Suriname in 2025, pending rig availability, according to the company's VP of Exploration for the Americas, Daniel Larranaga. The campaign will target Block 58, a 1.4-million-acre offshore area, with approximately four exploration wells planned.

The initiative aims to extend exploration beyond the company's flagship $10.5 billion Gran Morgu offshore project, which is scheduled to begin oil production in 2028. This development represents a significant milestone for Suriname, transitioning the nation from exclusively onshore to offshore crude production.

Key Strategic Options:

If the new drilling discovers sufficiently large reserves, partners may develop a second field independently. Alternatively, smaller finds could be tied back into the existing Gran Morgu infrastructure. Staatsolie, Suriname's state-run energy company and minority partner in Block 58, expressed willingness to participate in all potentially profitable projects, contingent on appropriate financial structuring.

Broader Context:

TotalEnergies is simultaneously expanding operations in Africa. In Namibia, the company expects to reach a final investment decision within weeks for the Venus discovery in the Orange Basin. The firm is also pursuing exploration opportunities in Nigeria.

Market Implications:

The expanded Suriname drilling program signals TotalEnergies' confidence in the region's hydrocarbon potential and commitment to offshore development in emerging markets. The 2028 Gran Morgu production timeline and potential additional discoveries could significantly boost Suriname's economic profile and establish the country as a notable offshore oil producer in South America.