TotalEnergies and APA Corp. invest $10 billion in Suriname oil

Suriname is set to undergo a significant transformation in its oil industry with a historic $10 billion investment from France's TotalEnergies and U.S. hydrocarbon company APA Corp. This investment aims to extract oil from offshore Block 58, which is estimated to contain around 750 million barrels of recoverable resources. The project, named GranMorgu, is expected to commence production by mid-2028, with an anticipated output of 220,000 barrels per day. The partnership also includes Staatsolie, Suriname's national oil company, which has the option to acquire a 20% stake in the project. The GranMorgu project is strategically located near a successful ExxonMobil operation in Guyana, highlighting its potential significance in the region's oil landscape. The investment is seen as a game-changer for Suriname, a country with a population of over 640,000 and a poverty rate of 18%. The anticipated revenue from this venture is expected to improve the standard of living for its citizens, as stated by President Chan Santokhi. However, there are concerns regarding governance and economic dependency on oil, as highlighted by the CEO of Staatsolie. The country is currently facing economic challenges, including a $3.5 billion debt and an IMF restructuring program. The government aims to utilize advanced technologies to minimize greenhouse gas emissions during the extraction process, ensuring responsible development of the oil resources. This investment marks a pivotal moment for Suriname, potentially altering its economic trajectory and providing a foundation for future growth, while also raising questions about sustainable governance and resource management.