APA and TotalEnergies Announce Joint Venture Offshore Suriname

Zacks10-03 19:19

The U.S. exploration and production company APA Corporation APA and French oil major TotalEnergies SE TTE, through its subsidiary, signed a final investment decision regarding the production of 220,...

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TTE and APA will jointly develop the GranMorgu project and tap the vast oil reserves discovered in both fields. With a total investment of $10.5 billion, the project is expected to start oil production by 2028 and to reach a daily output of 220,000 barrels of oil.The GranMorgu project will be initiated in collaboration with TotalEnergies EP Suriname B.V., holding 50% stakes and APA Suriname 58 Corporation LDC,keeping the remaining 50%. Suriname’s national oil company, Staatsolie, may exercise its option to buy a 20% stake in the project provi","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4581":"高盛持仓","BK4563":"昨日强势股","AROC":"Archrock, Inc","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","BK4185":"保健护理机构","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","BK4201":"综合性石油与天然气企业","BK4213":"石油与天然气的勘探与生产","BK4528":"SaaS概念","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4106":"数据处理与外包服务","TTE":"道达尔","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","BK4554":"元宇宙及AR概念","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","APA":"阿帕契","JYNT":"The Joint Corp.","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4585":"ETF&股票定投概念","PED":"Pedevco Corp.","BK4227":"交易和支付处理服务","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4588":"碎股","BK4503":"景林资产持仓","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4179":"石油天然气设备与服务","BK4551":"寇图资本持仓","BK4561":"索罗斯持仓","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC"},"translate_title":"APA和TotalEnergies宣布在苏里南海上成立合资企业","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AROC":1,"TTE":1,"JYNT":1,"APA":1,"PED":0.9},"content_text":"The U.S. exploration and production company APA Corporation APA and French oil major TotalEnergies SE TTE, through its subsidiary, signed a final investment decision regarding the production of 220,000 barrels of oil per day in Block 58 located offshore Suriname.\nAPA and TTE to Develop GranMorgu Through JV\nThe oil production project, named GranMorgu, will include production from the Sapakara and Krabdagu oil fields, which have combined recoverable resources estimated above 700 million barrels. TTE and APA will jointly develop the GranMorgu project and tap the vast oil reserves discovered in both fields. With a total investment of $10.5 billion, the project is expected to start oil production by 2028 and to reach a daily output of 220,000 barrels of oil.\nThe GranMorgu project will be initiated in collaboration with TotalEnergies EP Suriname B.V.(the operator of Block 58), holding 50% stakes and APA Suriname 58 Corporation LDC, keeping the remaining 50%. Suriname’s national oil company, Staatsolie, may exercise its option to buy a 20% stake in the project provided it succeeds in raising the funds.\nTechnology to be Used in Oil Production\nThe production and development of the Sapakara and Krabdagu fields, located between 100 and 1,000 meters, will take place by drilling a total of 32 wells connected to a Floating Production, Storage and Offloading (FPSO) unit, located approximately 150 km off the Suriname coast. The FPSO is designed with such advanced technology that it can accommodate future development opportunities too.\nAn important feature of the GranMorgu project is its commitment toward a clean environment. The project will use innovative technology to reduce greenhouse emissions. It is set to use an all-electric FPSO with full reinjection of associated gas. A waste heat recovery and deep-sea water cooling system will be used for greater efficiency, and a methane detection and monitoring system will be installed to reduce the environmental impact.\nWay Ahead for APA, TTE and Suriname Project\nThe joint venture (JV) between the companies is expected to serve as a proposal for future developments. The government of Suriname is committed to securing larger revenues through higher royalties and taxes and signing bonuses for its people that can be reinvested in healthcare and local content.\nTotalEnergies’ CEO, Patrick Pouyanne, stated that their strategy under the Suriname project is to focus on low-cost and low-emissions upstream projects. He further mentioned that the project aims to achieve oil production at a cost of less than $20 per barrel.APA also looks forward to meeting the world’s demand for affordable and reliable energy.\nOn successful completion of phase-1 of the project, both the companies will plan to further exploring Block-58 and tapping the remaining potential in proven manners.\nAPA and TTE’s Zacks Rank and Key Picks\nAPA Corp. is one of the world's leading independent energy companies, engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Currently, APA has a Zacks Rank #3 (Hold).\nHaving its operations in countries across five continents, TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies.Currently, TTE has a Zacks Rank #5 (Strong sell).\nInvestors interested in the energy sector might look at some better-ranked stocks like Archrock AROC and PEDEVCO Corp. PED. At present, Archrock and PEDEVCO Corp. sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.\nHeadquartered in the United States, Archrock, Inc. is a provider of natural gas contract compression services as well as a supplier of aftermarket services of compression equipment. The Zacks Consensus Estimate for AROC's 2024 earnings indicates 50.72% year-over-year growth.\nPEDEVCO Corp. is an oil and gas company, engaged in the acquisition and development of energy projects in the United States and Pacific Rim countries. Over the past 30 days, the Zacks Consensus Estimate for PED's 2024 earnings has improved by 33.3%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nAPA Corporation (APA) : Free Stock Analysis Report\nPedevco Corp. (PED) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nTotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472907076"}