APA Corporation’s stock is on the rise after the company confirmed a Final Investment Decision (FID) for the first oil development in Block 58, offshore Suriname. This project, named GranMorgu, involves a total investment of $10.5 billion and is anticipated to yield first oil in 2028.
Suriname is poised to benefit from its vast offshore oil resources, but time is running out as the global push towards net zero emissions intensifies. Despite delays, TotalEnergies and APA Corporation are moving towards a final investment decision for Block 58, which holds an estimated 700 million barrels of recoverable resources. With low breakeven prices and attractive oil characteristics, Suriname’s oil is highly profitable, but the country faces pressure to develop its resources sustainably.
