In a recent meeting with President Chan Santokhi of Suriname, NJ Ayuk, Executive Chairman of the African Energy Chamber, reaffirmed his strong support for the country’s oil and gas development, emphasizing its critical role in alleviating poverty. He urged the country to press forward with its oil ambitions.
“Suriname must produce every drop of hydrocarbons it can find to get its population out of poverty,” Ayuk said on X.
His comments come as Suriname accelerates its oil exploration activities, while attracting major international investments.
TotalEnergies’ $10.5 Billion Bet on Suriname’s Oil Future
French oil major TotalEnergies, in partnership with APA Corporation, has committed to a $10.5 billion investment in the GranMorgu project, located in Block 58 offshore Suriname. The project aims to develop the Sapakara and Krabdagu oil discoveries, with recoverable reserves estimated at over 750 million barrels.
Development plans include drilling up to 32 wells beginning in late 2026, with production expected to commence in 2028.
The GranMorgu project will feature a state-of-the-art Floating Production Storage and Offloading (FPSO) unit, designed to produce up to 220,000 barrels of oil per day. The design of the FPSO allows for future expansions and increases in production capacity.
TotalEnergies has also pledged to mitigate environmental impact by implementing an all-electric drive system, eliminating routine flaring, and reinjecting associated gas into reservoirs.
Regulatory Approvals and Expanding Exploration
Beyond Block 58, TotalEnergies is seeking regulatory approval to drill in Block 64, further strengthening its footprint in Suriname’s offshore sector. Meanwhile, other global energy giants are ramping up exploration activities in the region.
- Shell is set to spud the Araku Deep-1 well in Block 65.
- Malaysian state-owned Petronas has secured the Noble Corporation’s semisub rig, Noble Developer, for a three-well campaign beginning in June.
This surge in exploration also signals strong investor confidence in Suriname’s untapped hydrocarbon potential.
NJ Ayuk’s Call to Action
Suriname’s government further anticipates that oil revenues will provide a significant boost to public services, including healthcare and infrastructure, thereby improving the standard of living for its citizens.
“With oil and gas, #Suriname will be able to power its fire plants and industrialize with fertilizers when the sun is not shining or wind not blowing and avoid reliance on foreign aid,” he said.
Ayuk’s meeting with President Santokhi strengthened his advocacy for full-scale oil production, dismissing calls to leave hydrocarbons untapped.
“We talked about #DrillBabyDrill, and I told him to ignore everyone who says leave your oil in the ground,” NJ Ayuk said.
He further reinforced his support for the nation’s energy ambitions, stating, “Rooting for Suriname and its people.”
While Suriname advances its oil sector and stands on the cusp of a major economic transformation, it has the potential to become a key player in the global energy market. The country stands ready to harness its vast hydrocarbon resources for long-term prosperity, thanks to strong political backing, increasing foreign investment, and robust regulatory progress.