French and US companies to invest $10 billion to extract oil off Suriname's coast
Officials say that France’s TotalEnergies and U.S. hydrocarbon company APA Corp. plan to invest $10 billion to extract oil off the coast of Suriname in a historic investment for the South American country
PARAMARIBO, Suriname (AP) — France’s TotalEnergies and U.S. hydrocarbon company APA Corp. plan to invest $10 billion to extract oil off the coast of Suriname in a historic investment for the South American country, officials announced Tuesday.
The first oil is expected by mid-2028, with an anticipated production of 220,000 barrels per day, according to TotalEnergies CEO Patrick Pouyanné, who flew to Suriname to personally announce the investment, the country’s largest to date.
The so-called GranMorgu project focuses on an offshore area believed to contain some 700 million barrels of oil. It is adjacent to a successful ExxonMobil project in waters belonging to neighboring Guyana.
“Today is a historic day for Suriname,” said a jubilant President Chan Santokhi, calling it “a day that will determine our future.”
