PARAMARIBO, Suriname — France’s TotalEnergies and U.S. hydrocarbon company APA Corp. plan to invest $10 billion to extract oil off the coast of Suriname in a historic investment for the South American country, officials announced Tuesday.
The so-called GranMorgu project focuses on an offshore area believed to contain some 700 million barrels of oil. It is adjacent to a successful ExxonMobil project in waters belonging to neighboring Guyana. TotalEnergies will partner with APA Corp, a holding company for Apache Corporation, a Texas-based hydrocarbon exploration business, and Staatsolie, the local national oil producer representing the Surinamese government.
Santokhi said the anticipated revenue from the project would be used to raise the standard of living in Suriname, a country of more than 640,000 people with a poverty rate of 18%, according to the Inter-American Development Bank.Suriname holds $3.5 billion in debt and is undergoing a three-year, $688 IMF restructuring program that led to austerity measures and sparked violent protests last year.
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