(Energy Analytics Institute, 6.Nov.2024) — APA Corporation has entered the development phase of its large-scale GranMorgu oil project offshore Suriname in Block 58 where the company says there are additional exploration opportunities.
“We also achieved an important milestone in Suriname with the announcement of GranMorgu, the first offshore development in the country,” APA CEO John J. Christmann IV said 6 Nov. 2024 in the company’s third-quarter 2024 financial and operational statement.
“This large-scale project offers the best returns in APA’s portfolio, has a very low break-even oil price, and will contribute significant oil production and cash-flow growth beginning in 2028 and continuing for many years,” Christmann said.
GranMorgu, which is derived from a local language, means both “new dawn” and “goliath grouper,” according to details on APA’s website.
GranMorgu will include production from the Krabdagu and Sapakara oil discoveries, where appraisal drilling confirmed gross estimated recoverable resources of over 750 million barrels of oil.
The total investment is estimated at $10.5bn, with first oil in 2028.
The Sapakara and Krabdagu fields, located in water depths between 100 m and 1,000 m, will be produced through a system of subsea wells connected to a floating production, storage and offloading (FPSO) vessel located 150 km (93 miles) off the Suriname coast, with an oil production capacity of 220,000 b/d.
TotalEnergies EP Suriname B.V. operates Block 58, with a 50% interest, alongside APA Suriname 58 Corporation LDC (50%). Suriname’s national oil company Staatsolie has the option to enter the development project with up to 20% interest, now that the final investment decision (FID) has been taken.
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By Pietro D. Pitts, guest contributor. © Energy Analytics Institute (EAI). All Rights Reserved.
