TotalEnergies has strengthened its position in the Suriname offshore market by acquiring a 25% stake in Block 53, a key area off the coast of the South American country. The stake comes from the company Moeve, formerly known as CEPSA. With this operation, the French energy company joins APA Corporation (45%), operator of the block, and Petronas (30%) as partners.
TotalEnergies’ strategy in Block 53 in Suriname
Block 53 is located just east of Block 58, where TotalEnergies is leading the development of the GranMorgu project with its partners. As reported by Reuters, Block 53 is adjacent to Total’s $10.5 billion GranMorgu development, which received a final investment decision in October and is estimated to contains more than 700 million barrels of recoverable resources..
The Baja-1 discovery, located in Block 53 and close to the boundary with Block 58, represents a relevant resource that can be exploited through the infrastructure already planned for GranMorgu. This integration seeks to optimize costs and accelerate production.
According to Javier Rielo, Senior Vice President of Exploration and Production for the Americas, this acquisition will leverage the Block 58 facilities to facilitate the development of Baja-1, reflecting TotalEnergies’ commitment to low carbon footprint and high profitability projects. In addition, the company is consolidating its offshore portfolio in a region with great energy potential.
Moeve restructures its presence in the region
The divestment of its interest in Block 53 marks a new direction for Moeve, which continues to adjust its international strategy. The deal aligns with the industry trend of concentrating efforts on key assets, while companies such as TotalEnergies expand their footprint in areas of high geological and commercial interest.
Block 53, together with Block 58, represents one of the most promising areas for offshore production. offshore production production in South America. With the arrival of TotalEnergies, an acceleration in development plans is anticipated, backed by operational experience, technical resources and long-term vision for sustainable energy projects.
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Source: TotalEnergies
Photo: Shutterstock
