Latest news with #GranMorgu
GMA Network
06-07-2025
- Politics
- GMA Network
Suriname parliament elects Jennifer Simons as first female president
PARAMARIBO — Suriname's parliament backed Jennifer Simons as the South American country's first woman president on Sunday, setting the doctor and former parliamentary speaker on course to helm a nation on the cusp of a predicted oil boom. Surinamese lawmakers backed Simons (also Jennifer Geerlings-Simons) as president six weeks after the ruling party and its top opposition nearly tied in the race for legislative seats, leading to a coalition deal to install Simons as president. Simons' opposition National Democratic Party won 18 seats and current President Chan Santokhi's Progressive Reform Party won 17 seats in the May 25 parliamentary election. Smaller parties won the remaining 16 seats. Suriname's president is elected indirectly. Following the general election, members of the National Assembly vote for the president, and a candidate must secure a two-thirds majority to win the office. "I come into this office to serve, and I will use all my knowledge, strength and insight to make our wealth available to all of our people," Simons, 71, said in a brief speech after lawmakers approved her appointment with a round of applause. Simons vowed to pay special attention to young people and those who have not yet had the best opportunities. "I am very aware of the responsibility now placed on our shoulders, a responsibility compounded for me by the fact that I am the first woman to hold this office," she added. "I do not need many words. My thanks and we will get to work." Incumbent President Chan Santokhi, a 66-year-old former police commissioner who stood for re-election, had faced criticism over a lack of protections for the poorer and more vulnerable sectors of society. Santokhi congratulated Simons on her election and told lawmakers he took responsibility for his shortcomings and hoped he would be remembered for his commitment. He said he would continue to serve the country after the transition as a member of parliament. A coming boom Suriname, a former Dutch colony independent since 1975, is expected to see a surge in revenues from the nation's first big offshore energy development, an oil and gas project led by TotalEnergies. The Gran Morgu project is set to begin production in 2028. Discovered reserves may allow Suriname to compete with neighboring Guyana, whose economy grew 43.6% last year, as a prominent producer. However, campaigning featured little debate about what the next government, which will hold power until 2030, should do with the income. Simons' election was agreed in a six-party deal two days after the parliamentary contest, but was not made official until Sunday's vote. Her inauguration is scheduled for July 16. Suriname's parliament backed Simons for the post by acclamation, alongside National Party of Suriname (NPS) leader Gregory Rusland as her vice president. Simons served as parliamentary speaker for a decade until 2020. She was second in vote tallies behind Santokhi, winning more than 41,700 votes. She is the head of the NDP, founded by former President Desi Bouterse, who dominated Surinamese politics for decades but died a fugitive last year. NDP founder Bouterse left office in 2020, the year after he was convicted in the 1982 murders of 15 government critics. When the conviction was upheld in 2023, Bouterse went into hiding, dying at the age of 79 at an unknown location on Christmas Eve. — Reuters
Calgary Herald
06-07-2025
- Business
- Calgary Herald
Suriname's president vows to make oil wealth 'available to all'
(Bloomberg) — Suriname officially elected its first female president as the small, Dutch-speaking nation on the Caribbean coast of South America prepares to navigate an oil boom. Article content Lawmakers backed Jennifer Geerlings-Simons and her vice president, Gregory Rusland, on Sunday in the Surinamese capital of Paramaribo after the incumbent party opted against putting forward a challenger. Article content Article content Article content Geerlings-Simons, a 71-year-old former parliamentary speaker who campaigned on a more socially inclusive strategy, is set to be inaugurated on July 16. 'I come into this position to serve and I will use all my knowledge, strength and dedication to make our wealth available to all our people, but with special attention to our youth,' she told the National Assembly. Article content Article content Her National Democratic Party government is taking office as TotalEnergies SE begins development of the offshore GranMorgu project, which is expected to produce 220,000 barrels per day in 2028. The French energy giant and Malaysia's Petronas are searching for more oil in the Guyana-Suriname basin. Article content Suriname's reserves are estimated at 760 million barrels and its $4.5 billion economy is forecast to grow 3.2% this year. Growth is on track to slowly edge up to near 4% by 2027 before a more than ten-fold surge once crude starts flowing. Article content Sunday's unopposed victory by Geerlings-Simons caps a lengthy electoral process in which her NDP won 18 seats in the May 25 national vote. It later negotiated at coalition with five other parties to form a 34-seat majority in the 51-member legislature. The Progressive Reform Party of outgoing President Chandrikapersad Santokhi holds the remaining 17 seats. Article content
Yahoo
30-06-2025
- Business
- Yahoo
TotalEnergies acquires 25% interest in Block 53 offshore Suriname
TotalEnergies has announced the signing of an agreement with Spanish company Moeve (formerly CEPSA) to acquire the 25% interest held by Moeve in Block 53, offshore Suriname. This acquisition positions TotalEnergies as a partner in the licence alongside APA, which holds a 45% stake and operates the block, and Petronas, which owns 30%. Block 53 is situated directly east of Block 58, where TotalEnergies serves as operator with a 40% stake. The Block 53 licence encompasses the Baja-1 discovery, which was drilled close to the boundary of Block 58 by operator APA. The discovery was reported to contain 34m (112ft) of net oil pay when drilled to a depth of 5,290m (17,356ft) below sea level. This discovery can leverage existing infrastructure and extend the production plateau of the planned Gran Morgu project in Block 58. TotalEnergies announced the final investment decision for the Gran Morgu development in October 2024. TotalEnergies Americas exploration and production senior vice-president Javier Rielo said: 'This acquisition brings new resources to the development of our low-cost and low-emission Gran Morgu project. 'It also proves how TotalEnergies will leverage GranMorgu infrastructure to develop profitably additional resources and extend its production plateau, strengthening the position of the company in the offshore of Suriname.' The Gran Morgu development is estimated to hold more than 750 million barrels of recoverable resources and represents a significant investment of $10.5bn. With a 200,000bpd capacity, the Gran Morgu is expected to initiate production in the first half of 2028. The floating offshore production unit for Gran Morgu is expected to be one of TotalEnergies' largest projects to date. TotalEnergies has already invested more than $1.4bn in exploration activities in Suriname, reported Reuters. Suriname has yet to produce hydrocarbons but aims to replicate the success of neighbouring Guyana, where Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas. Earlier this month, TotalEnergies acquired 25% interest in 40 offshore exploration leases in the US from Chevron. The offshore leases cover an area of approximately 1,000km² and are situated between 175km and 330km from the shore. "TotalEnergies acquires 25% interest in Block 53 offshore Suriname" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
27-06-2025
- Business
- Zawya
TotalEnergies buys 25% stake in offshore Suriname from Moeve
PARIS - TotalEnergies has acquired a 25% 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% 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% stake, while Petronas owns 30%. ($1 = 0.8537 euros)
Reuters
27-06-2025
- Business
- Reuters
TotalEnergies increases Suriname position with new offshore block interest
PARIS, June 27 - French oil major TotalEnergies ( opens new tab has acquired a 25% interest in Block 53 offshore Suriname from Spanish firm Moeve, it said on Friday. The block is adjacent to the Gran Morgu development, which Total took a final investment decision on in October.
