APA Corp. announces final investment decision for offshore Suriname project

APA Corporation’s subsidiary has reached a positive final investment decision for the first oil development in Block 58, located offshore Suriname. The project has been named GranMorgu. GranMorgu will include production from the Krabdagu and Sapakara oil discoveries, where appraisal drilling confirmed gross estimated recoverable resources of more than 750 million barrels of oil. Total investment is estimated at $10.5B, with first oil in 2028. TotalEnergies EP Suriname is the operator of Block 58, with a 50% interest, alongside APA Suriname 58 – 50% -. Staatsolie, Suriname’s national oil company, has the option to enter the development project with up to 20% interest upon FID. The Sapakara and Krabdagu fields, located in water depths between 100 and 1,000 meters, will be produced through a system of subsea wells connected to a Floating Production, Storage and Offloading unit located 150 km off the Suriname coast, with an oil production capacity of 220,000 barrels per day. GranMorgu will feature technology that minimizes greenhouse gas emissions. In addition to reaching approval for the Phase-1 Central Area Field Development, the partnership has retained optionality for further exploration in Block 58.