TotalEnergies shares are trading higher premarket after announcing a mid-term LNG supply contract with Santos and a Final Investment Decision for the first oil development in Suriname’s Block 58. The company’s strategic moves in the energy sector are driving investor interest.
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.
BYD, the Chinese electric vehicle manufacturer, has opened its first store in Suriname, marking its entry into the South American market. The store, located in Paramaribo, showcases four BYD models and signifies the company’s continued international expansion amidst a global shift towards electrification.
Suriname has implemented a visa-free policy for citizens of 30 countries, including Schengen nations, Brazil, the UK, and Japan, making it easier for travelers to explore its natural beauty, cultural heritage, and business opportunities.
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.
