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Highlights

  • TotalEnergies acquires Moeve’s 25% interest in Suriname’s Block 53, joining APA and Petronas.
  • Block 53 lies adjacent to Block 58, site of the GranMorgu development sanctioned in 2024.
  • Baja-1 discovery in Block 53 could leverage existing GranMorgu infrastructure for future output. 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement to acquire the 25% interest held by Moeve (formerly CEPSA) in Block 53 offshore Suriname, further consolidating its position in the region’s exploration and development activities. The acquisition brings TotalEnergies alongside APA Corporation, which holds a 45% stake and operates the block, and Petronas, which owns the remaining 30%. 

Block 53 sits directly east of Block 58, where TotalEnergies holds a 40% interest and operatorship in the GranMorgu development. In October 2024, the company and its partners announced a Final Investment Decision (FID) for GranMorgu, aiming to exploit significant hydrocarbon resources. The proximity of Block 53 to this project may offer strategic advantages for shared infrastructure and operational efficiencies. 

Within Block 53, the Baja-1 discovery was drilled close to the border of Block 58, suggesting geological continuity between the blocks. This could enable TotalEnergies to tie in future resources from Block 53 to the GranMorgu facilities, potentially extending production levels and improving overall economics. 

Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies, emphasized that the acquisition adds new resources to the low-cost, low-emission GranMorgu project. Rielo also indicated the company intends to leverage existing infrastructure to integrate additional discoveries in the area, helping to maintain production plateaus and optimize development timelines. 

TotalEnergies continues to expand its exploration and production footprint across offshore Suriname, aligning with its broader energy portfolio. While financial terms of the transaction were not disclosed, the deal reflects ongoing industry interest in the Suriname-Guyana basin, a region that has attracted significant investment in recent years due to successive oil and gas discoveries. 

Further appraisal and development plans for Block 53 are expected to follow, as TotalEnergies and its partners assess the commercial potential of the Baja-1 discovery and other prospects within the license area.