TotalEnergies buys 25% stake in offshore Suriname from Moeve
TotalEnergies
has acquired a 25 per cent stake in Block 53
offshore Suriname
from Spanish company
Moeve
, it said on Friday without giving financial details.
The block is adjacent to the $10.5 billion
Gran Morgu development
, on which Total took a final investment decision in October and which is estimated to hold more than 700 million barrels of
recoverable resources
.
The South American country has yet to produce hydrocarbons, but has ambitions to emulate neighbouring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas.
Total said Block 53 contains an
oil and gas discovery
drilled near the border of Gran Morgu, and will allow for project expansion.
Spain's second largest oil company Moeve, formerly known as
CEPSA
, has sold 70 per cent of its oil production assets since 2022 as part of an 8-billion-euro $9.4 billion) plan to pivot toward low carbon businesses.
Houston-based APA, which operates Block 53, holds a 45 per cent stake, while
Petronas
owns 30 per cent.
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