ABBO News

Totalenergies Kickstarts Suriname Offshore Project with Billion in Contract Awards

TotalEnergies Kickstarts Suriname Offshore Project with $3 Billion in Contract Awards

PARIS/MILAN – TotalEnergies (NYSE: TTE), the French oil major, has awarded engineering contracts worth at least $3 billion as part of its fast-track development of Suriname’s first offshore project.

On Thursday, Saipem, the Italian energy contractor, said it had signed a $1.9 billion deal with a subsidiary of TotalEnergies in Suriname for the subsea development of the GranMorgu field.

French firm TechnipEnergies was also awarded a contract worth more than 1 billion euros ($1.1 billion) to build a floating production storage and offloading vessel on the project, it said in a separate statement.

Last month, TotalEnergies (NYSE: TTE) and U.S. exploration firm APA (NASDAQ: APA) took a final investment decision on the $10.5 billion development, the tiny South American country’s first.

GranMorgu is estimated to hold more than 700 million barrels of recoverable resources, with the first oil expected in 2028.

The FPSO will be fully electrified and use waste heat recovery technology to reduce emissions, with all associated gas to be re-injected in the reservoir, TechnipEnergies said.

The project will also be outfitted with real-time sensors to detect potential methane leaks, TotalEnergies said.

($1 = 0.9494 euros)