Total and Apache invest $10 billion in oil production in Suriname

By Alimat Aliyeva

The French energy company Total Energy and the American Apache Corp. They plan to invest $ 10 billion in oil production off the coast of Suriname, Azernews reports.

Production at the GranMorgu project may begin in mid-2028 and amount to about 220 thousand barrels per day, said Patrick Pouyanne, CEO of TotalEnergies.

The local state corporation Staatsolie with a 20% stake will also participate in the project.

Reserves at the offshore field adjacent to the ExxonMobil project being developed in the waters of neighboring Guyana are estimated at more than 750 million barrels.

Staatsolie plans to issue bonds in 2025 to finance its participation in the project.The company has already found funds for an initial payment of $175 million.