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Investing.com -- TotalEnergies SE (EPA:TTEF) revealed on Friday that it has acquired a 25% interest in Block 53 offshore Suriname from Spain’s Moeve, formerly CEPSA.
The French energy giant did not disclose the value of the deal.
Block 53 lies next to the Gran Morgu project, where TotalEnergies reached a final investment decision in October.
That development, estimated to contain over 700 million barrels of recoverable resources, represents a key step in Suriname’s efforts to launch its first hydrocarbon production.
"This acquisition brings new resources to the development of our low-cost and low-emission Gran Morgu project," said Javier Rielo, senior vice president at Total Energies.
“It also proves how TotalEnergies will leverage GranMorgu infrastructure to develop profitably additional resources and extend its production plateau, strengthening the position of the Company in the offshore of Suriname,” he added.
With this acquisition, the company becomes a partner in Block 53 alongside operator APA, which holds a 45% stake, and Petronas with 30%. The block lies east of Block 58, where TotalEnergies is the operator and holds a 40% interest.
Block 53 includes an existing oil and gas discovery near the Gran Morgu border, offering potential for future project expansion.
Suriname, which shares a maritime border with Guyana, is aiming to replicate its neighbor’s success. Guyana’s oil boom has been led by an ExxonMobil-led consortium, which has uncovered more than 11 billion barrels of recoverable resources.
Moeve, Spain’s second-largest oil company, has been divesting upstream assets as part of a €8 billion ($9.4 billion) strategy to focus on lower-carbon activities. Since 2022, it has sold off 70% of its oil production holdings.