By Giulia Petroni

TotalEnergies will carry out development studies for an oil project representing an investment of around $9 billion in Block 58 off the coast of Suriname.

The French oil-and-gas major said Wednesday that detailed engineering studies will start by year end. A final investment decision is expected by the end of 2024, with a first production target in 2028.

The company operates the block with a 50% interest, while U.S. oil producer APA holds the remaining 50%.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 13, 2023 12:33 ET (16:33 GMT)

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