TotalEnergies Expands Suriname Position with 25% Stake in Block 53, Enhancing GranMorgu Development Plan

TotalEnergies has acquired a 25% interest in Suriname’s Block 53 from Moeve (formerly CEPSA), a move that consolidates the company’s strategic presence in the country’s offshore basin. The French supermajor now joins APA Corporation (45%, operator) and Petronas (30%) as partners in Block 53, which contains the Baja‑1 discovery. This acquisition adds high-potential acreage immediately adjacent to Block 58, where TotalEnergies and APA are jointly developing the GranMorgu project following a final investment decision in October 2024.

The transaction underscores TotalEnergies’ broader approach to frontier oil: tightly integrated, capital-disciplined, and emissions-conscious developments anchored by robust infrastructure and carefully selected reserves.

Deal Details

TotalEnergies’ acquisition of a 25% stake in Block 53 grants the company a foothold in a license with proven prospectivity. The block’s primary discovery, Baja‑1, was drilled in 2022 by APA Corporation using the Noble Gerry de Souza drillship. The well reached a total depth of 5,290 meters in approximately 1,140 meters of water, encountering 34 meters of net oil pay in Campanian-age sandstone reservoirs. According to APA, the discovery revealed light oil with gas-oil ratios ranging from 1,600 to 2,200 scf/bbl, and is considered to have strong development potential due to its proximity and geological relationship with neighboring reservoirs in Block 58.

Petronas, which holds a 30% non-operating stake in Block 53, also recognized Baja‑1 as a strategic milestone. In its official statement, the company noted the reservoir's quality and emphasized the discovery's potential for future subsea tieback development. The alignment of this asset with existing regional infrastructure underpins its commercial value.

By entering Block 53, TotalEnergies strengthens its position in Suriname and increases optionality for future tie-ins to the GranMorgu production hub. In its announcement, the company highlighted the integration potential between Baja‑1 and GranMorgu’s development architecture, which includes a high-capacity floating production, storage, and offloading (FPSO) vessel designed to accommodate surrounding volumes. This synergy supports lower marginal development costs, greater resource recovery, and a more favorable carbon emissions profile per barrel.

While the transaction’s financial terms were not disclosed, TotalEnergies’ emphasis was clear: the acquisition supports “low-cost, low-emission” growth and extends the economic life of its anchor development, GranMorgu. The deal was finalized in late June 2025, with public confirmations from all relevant partners.

GranMorgu Development – Block 58

The acquisition complements TotalEnergies’ ongoing development of the GranMorgu project in Block 58 -  a joint effort with APA Corporation (50/50 split) focused on the Sapakara South and Krabdagu discoveries. The two companies reached a Final Investment Decision (FID) in October 2024, as confirmed by both corporate press releases and a formal announcement from Staatsolie, Suriname’s national oil company.

GranMorgu will be developed through a new-build FPSO unit with a production capacity of 220,000 barrels per day. According to TotalEnergies and APA, the project holds over 750 million barrels of recoverable oil, with first oil expected in 2028. Staatsolie holds a 20% carried interest in the development phase and has described the project as a historic moment for Suriname, which will become a deepwater oil producer for the first time.

The FPSO is designed to meet stringent environmental standards, including zero routine flaring, all-electric operations, and waste heat recovery systems -  in line with TotalEnergies’ global objective to reduce the carbon intensity of its upstream portfolio.

Strategic Significance

Incorporating Block 53’s resources into its Suriname portfolio enables TotalEnergies to pursue a development model based on resource concentration, cost optimization, and carbon efficiency. The close geological and physical proximity between Baja‑1 and GranMorgu’s Krabdagu field allows the company to minimize tieback costs while boosting overall project resilience.

Javier Rielo, TotalEnergies’ Senior Vice President for the Americas, characterized the acquisition as a logical expansion: “It brings new resources to the development of our low-cost and low-emission GranMorgu project and extends its production plateau.”

In line with this, TotalEnergies continues to favor select frontier basins where it can control infrastructure, reduce per-barrel costs, and align operations with its emissions-reduction targets. The Suriname basin now joins Namibia and Brazil as focal points in the company’s “transition barrel” strategy.

With the acquisition of a 25% interest in Block 53, TotalEnergies strengthens its ability to deliver an integrated, capital-efficient, and emissions-aware oil development in Suriname’s offshore frontier. The move reflects confidence not only in the resource base but in the basin's potential to yield competitive barrels in a carbon-constrained world.

At the same time, the transaction reflects the growing divergence in how major energy companies approach the energy transition -  some doubling down on efficient oil growth, others retreating from hydrocarbons altogether. In Suriname, TotalEnergies appears committed to remaining a first mover.

Written by Mordechai Nyamekye