Suriname is making an exceedingly large bet on its energy production future with a TotalEnergies and APA deal. The tiny South American nation has, for the most part, focused on small-scale mining and agriculture; however, as the international energy industry grows, Suriname has taken its energy future by the hand and is leading it into a new era of domestic offshore production, a first for Suriname as the nation aims to compete with the more lucrative nations around the Caribbean region.
The GranMorgu project: a landmark offshore development for Suriname
As the international energy industry grows, more and more nations that have previously relied on imports of essential energy resources are turning their attention to the domestic production sector to meet the inevitable increase in demand this year.
South America has, in particular, garnered the attention of the international industry as new opportunities for upstream projects are revealed. Suriname’s neighbors have been working on several new developments that position South America at the forefront of the global oil and gas expansion currently taking place.
TotalEnergies and the US-based APA Corporation have recently approved the plans for the GranMorgu development, taking a Final Investment Decision on the project, which is estimated to cost approximately $10.5 billion to develop.
The Sapakara–Krabdagu fields mark a landmark achievement for Suriname
The $10.5 billion offshore oil project is Suriname’s first-ever venture into the offshore deepwater oil production sector, and will play a vital role in transforming the nation’s economy and social standing. TotalEnergies and APA have noted that construction on the development has already begun, and expectations are for the project to come online by 2028.
The development will be a key topic at the inaugural Caribbean Energy Week
The inaugural Caribbean Energy Week will take place in Suriname from March 30 to April 1, 2026, and the Suriname government is set to provide interested parties with the details of the development.
The project is targeting the Sapakara and Krabdagu fields, which are located in Block 58, roughly 93 miles off the nation’s coastline. At the two fields, TotalEnergies is estimating recoverable reserves of 750 million barrels, with full-scale production reaching 220,000 barrels per day once the project comes online in 2028.
One can simply not understate the national importance of the development for Suriname. Beyond the obvious oil production metrics that the development has promised to deliver, the economic impact of the project is profound, to say the least.
The necessary construction phase has commenced in Suriname
In July of last year, the first steel cuts for the FPSO were completed, marking the official start of the construction phase. In order to minimize emissions from the project, TotalEnergies has emphasized operational efficiency as well as operating with a sense of environmental stewardship.
TotalEnergies’ presence on the international stage has been a major influence on the developer taking a Final Investment Decision on the development. The project is expected to generate more than 6,000 direct and indirect jobs for locals, while contributing an astonishing $1-1.5 billion to the nation’s GDP once operational.
The project is more than an energy venture for Suriname; it is a transformational development that will position Suriname at the forefront of the energy industry expansion in the region and prove to the world that the region is the next destination for the international hydrocarbon resources market.
Upstream growth is the name of the game for the global energy market
The new year has revealed that energy companies and nations are set to invest heavily in upstream developments. Several international energy majors have outlined their 2026 capex budgets, and the reality is that more investments in upstream developments are set to hit the market this year. Suriname’s Staatsolie has already secured a $515.8 million investment in the project and expects the private sector to complete the necessary funding allocation for the GranMorgu project.
