TotalEnergies Enhances Offshore Portfolio with Suriname Stake
Deal News | Jun 27, 2025 | Zawya
TotalEnergies announced the acquisition of a 25% stake in Block 53 offshore Suriname from the Spanish company Moeve. While financial details were not disclosed, this move is significant as Block 53 is conveniently located adjacent to the Gran Morgu development, which Total finalized for investment in October. The development is estimated to contain over 700 million barrels of recoverable resources. Suriname, despite its lack of oil production history, aims to mimic the success of neighboring Guyana in oil and gas exploration. Moeve, previously CEPSA, is actively divesting its oil assets, having sold 70% since 2022 to focus on transitioning to low-carbon operations. APA Corp, based in Houston, operates Block 53 and holds a 45% stake, with Petronas holding the remaining 30%.
Sectors
- Oil and Gas
- Energy Transition
Geography
- Suriname – The location of Block 53, where the acquisition takes place.
- France – The headquarters of TotalEnergies, highlighting the company's role in the transaction.
- Spain – The original owner of the stake, Moeve, is based in Spain.
Industry
- Oil and Gas – The acquisition concerns offshore oil exploration and production, aligning with Suriname's ambitions to develop its hydrocarbon resources similar to neighboring Guyana.
- Energy Transition – Moeve's divestment strategy reflects a broader trend towards low-carbon business models in the energy industry.
Financials
- $10.5 billion – Value of the Gran Morgu development adjacent to Block 53, signifying the potential value of operations in the area.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TotalEnergies | Acquirer | Company | A leading global energy company headquartered in France, expanding its portfolio in Suriname. |
| Moeve | Selling Company | Company | The Spanish company divesting its oil and gas interests to focus on low-carbon initiatives. |
| APA Corp | Operator of Block 53 | Company | Houston-based company holding a 45% stake in Block 53. |
| Petronas | Stakeholder | Company | A Malaysian oil company holding a 30% stake in Block 53. |