French oil major TotalEnergies will sign a final investment decision (FID) on Tuesday for a more than $10 billion offshore oil and gas development in Suriname, the country's first, said four sources with knowledge of the project.
Located in Block 58 about 140 km off the coast of the South American country, the Gran Morgu field has estimated recoverable resources amounting to 700 million barrels of oil equivalent adjacent to ExxonMobil's massive 11 billion barrel find in neighbouring oil hotspot Guyana.
Last week Annand Jagesar, the CEO of Suriname's state-owned energy company and market regulator Staatsolie, told Reuters the FID would come at the beginning of the fourth quarter of 2024.
TotalEnergies Chief Executive Patrick Pouyanne will fly to Suriname for the FID before travelling to New York for the company's investor day on Wednesday, added the sources, who declined to be identified because the details had not been made public.
Jagesar also said last week that it was "highly likely" Staatsolie would succeed in raising the funds needed to exercise its option to buy a 20% stake in the project, which is currently split 50-50 between operator TotalEnergies and the Texas-based APA Corporation.
Staatsolie and APA did not immediately respond to requests for comment outside business hours.
(Reporting by America Hernandez in Paris Editing by Toby Chopra and David Goodman)
