PARAMARIBO, Suriname, CMC—The French-based TotalEnergies says it remains confident that it can meet the nine billion US dollars required for its first offshore development off the coast of Suriname.
Chief financial officer Jean-Pierre Sbraire gave the assurance amid global inflationary pressures, saying, “Today I would say we are 20 percent higher in most costs”.
He said that despite its 20 percent position, TotalEnergies “can manage it,” adding, “That’s why we can approve our projects as we have done.”
But even as shareholders remained concerned over the situation, Sbraire said, “What I can tell you is that at the end… the cost CAPEX or OPEX will be below US$20 per barrel… a strict benchmark, but we are committed to it so that we will meet that target… I am optimistic that we will achieve it.”
TotalEnergies has earmarked the Dutch floater specialist SBM Offshore’s Fast4Ward hull for the project. In May, it was pre-selected as the preferred bidder over Japan’s MODEC.
TotalEnergies said it is targeting a Tesla-like FPSO for Suriname. The vessel will produce approximately 200,000 barrels daily from the Sapakara South and Krabdagu discoveries in Suriname’s Block 58. Both are expected to contain 700 million barrels of oil.
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