TotalEnergies Eyes $9B Oil Venture In Block 58 Offshore Suriname, Production To Begin In 2028
Portfolio Pulse from Nabaparna Bhattacharya
TotalEnergies SE (TTE) is launching development studies for a $9 billion oil project in Block 58, offshore Suriname. TotalEnergies, which operates Block 58 with a 50% interest alongside APA Corporation (APA), expects to start detailed engineering studies by the end of 2023, with a final investment decision by the end of 2024 and first production in 2028. The project aligns with TotalEnergies' strategy of developing low-cost, low-emission oil resources. Exxon Mobil Corporation (XOM) has also struck oil in the nearby Stabroek block.
September 14, 2023 | 4:17 pm
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POSITIVE IMPACT
APA Corporation has a 50% interest in the Block 58 oil project in Suriname, which is being developed by TotalEnergies.
As a partner in the Block 58 oil project, APA Corporation stands to benefit from the potential success of the venture, which could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
TotalEnergies is investing in a $9 billion oil project in Suriname, which aligns with its strategy of developing low-cost, low-emission oil resources.
The news of TotalEnergies' investment in a large oil project is likely to be seen positively by investors, potentially leading to an increase in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Exxon Mobil has struck oil in the Stabroek block, which is located near the Block 58 project in Suriname.
The discovery of oil in the nearby Stabroek block could indicate potential success for Exxon Mobil, which may lead to a positive impact on its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50