TotalEnergies has announced that it will begin studies for developing a $9 billion oil and gas project at Suriname’s most promising offshore area in Guyana.

The detailed engineering studies (FEED) will start by the end of 2023 and the Final Investment Decision is expected by the end of 2024 with a first production target in 2028 as the French company stated in a press release on the same day.

“The Block 58 development studies that we are launching today are a major step toward the development of the petroleum resources of Suriname. This development is in line with TotalEnergies’ strategy aiming at the development of low cost, low emissions oil resources, and leverages on our Company’s expertise in deep water projects,” said Patrick Pouyanné Chairman and CEO of TotalEnergies. “We will thus contribute to improving the well-being of the people of Suriname,” he added.

Following well appraisal drilling this year, the French company confirmed cumulative recoverable resources of nearly 700 million barrels at block 58’s two main fields, Sapakara South and Krabdagu.

The discoveries will allow the production of up to 200,000 barrels per day of mostly crude, while associated natural gas initially will be re-injected to maintain crude output, and could be exported in further project stages, Pouyanné said.

The block plans to be developed through a system of subsea wells connected to a floating production, storage, and offloading unit (FPSO) located 150 kilometers (93 miles) from Suriname’s coast.

TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation holding the other 50%.

TotalEnergies has been present in Suriname since 2019 in Block 58 where five significant discoveries have been made and is also exploring Blocks 6 and 8 since 2023.