TotalEnergies has signed an agreement to acquire the 25% interest held by Moeve, formerly known as Compañía Española de Petróleos Sociedad Anónima (CEPSA), in Block 53 located offshore Suriname. This new partnership positions TotalEnergies alongside APA Corporation, operator with 45%, and Petroliam Nasional Berhad (Petronas), which holds 30% of the licence.
New milestone in Surinamese offshore
Block 53 is situated to the east of Block 58, where TotalEnergies already holds 40% as operator, alongside its partners. The area is home to the Baja-1 discovery, made near the border with Block 58. According to information released by TotalEnergies on June 27, this acquisition follows the final investment decision made in October 2024 for the development of the GranMorgu project in Block 58, a significant step in the country’s petroleum history.
The integration of Block 53 is part of TotalEnergies’ intention to leverage synergies between the two licences to optimise costs and logistics. The development of the GranMorgu project should thus allow the company to benefit from existing infrastructure and accelerate the production of new fields.
Synergies and production optimisation
TotalEnergies’ strategy is to extend the production plateau and maximise the profitability of offshore assets in Suriname. Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies, stated that this operation “brings new resources to the development of the GranMorgu project,” also highlighting the group’s ability to profitably develop additional resources. According to the group, the geographical proximity between Blocks 53 and 58 will allow certain infrastructure to be shared and reduce development timeframes.
Block 53, already recognised for its potential thanks to the Baja-1 discovery, represents a natural extension of TotalEnergies’ asset portfolio in this part of the Guyana-Suriname basin. The company thus states that it is strengthening its presence in the Surinamese offshore, alongside other major industry players already established there.
Regional outlook for operators
TotalEnergies’ entry into Block 53 comes amid the growth of the petroleum industry in the region, marked by a series of discoveries and increased foreign investment. The structuring of partnerships between APA, Petronas and TotalEnergies points to an evolution in licence governance, while offering new levers of growth to each operator.
The official statement does not specify the value of the transaction, but indicates that the company continues to focus on cost-controlled projects in its strategic operational zones. The integration terms for Block 53 are expected to be subject to local regulatory approvals in the coming months before the effective transfer of the stake.
