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TotalEnergies Expands Suriname Presence With 25% Stake in Block 53
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Key Takeaways
TotalEnergies acquired a 25% interest in Block 53 offshore Suriname from Moeve, joining APA and Petronas.
The deal adds to TTE's GranMorgu project, a $10.5B low-emission venture with 750M barrels of resources.
TTE will utilize the GranMorgu infrastructure for production increase and the development of new resources.
TotalEnergies SE (TTE - Free Report) announced that it has signed an agreement to acquire the 25% interest held by Moeve (formerly CEPSA) in Block 53, offshore Suriname. Together with Petronas, which owns 30% of the license, and APA Corporation (APA - Free Report) , which controls 45% of the block, TotalEnergies is now a partner in the license.
Block 53 is situated directly east of Block 58, where TotalEnergies serves as the operator with a 40% stake. The final investment decision for the GranMorgu development was made in October 2024. The Block 53 license encompasses the Baja-1 discovery, which was drilled close to the boundary of Block 58.
This acquisition brings new resources to the development of TTE’s low-cost and low-emission GranMorgu project. It also demonstrates how TotalEnergies will use the GranMorgu infrastructure to expand its production plateau and develop new resources profitably, strengthening the company's position in Suriname's offshore market.
Over 750 million barrels of recoverable resources are believed to be contained in the GranMorgu development, which requires a substantial investment of $10.5 billion. The GranMorgu is anticipated to begin production in the first half of 2028, with a capacity of 220,000 barrels per day. Its floating offshore production unit is anticipated to rank among TotalEnergies' largest projects to date.
In June 2025, TotalEnergies announced the acquisition of a 25% working interest in a portfolio of exploration leases offshore U.S. from Chevron Corporation (CVX - Free Report) . This deal would increase TotalEnergies' offshore U.S. exploration acreage, combining a variety of geological features and prospectivity, and is consistent with the ongoing objective of expanding its exploration portfolio with low-cost and low-emission choices.
Focus on Offshore Exploration Opportunities
The offshore assets of oil and gas companies provide several benefits, primarily through access to vast and untapped resources under the ocean floor. The offshore fields play a crucial role in meeting the growing global demand for energy and ensuring a steady, reliable supply of oil and gas for both domestic and international markets. Along with TTE, Chevron and ExxonMobil Corporation (XOM - Free Report) are focused on offshore exploration opportunities.
Chevron has a notable offshore presence in South America, particularly in Suriname and Uruguay, with its exploration and production activities. It is also actively pursuing offshore exploration, particularly in the Gulf of Mexico and the Eastern Mediterranean. Its renewed interest effectively doubles the area available for exploration, expanding the offshore blocks to a vast 18,146 square miles (47,000 square kilometers). This not only increases the possibility of finding commercially viable energy reserves but also opens up opportunities for both CVX and Greece’s energy future.
CVX’s long-term (three to five years) earnings growth rate is 8.29%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year decrease of 6.2%.
ExxonMobil is actively involved in offshore oil and gas exploration, with a particular focus on deepwater projects globally. The company has significant acreage positions and ongoing exploration activities in areas like Guyana, Brazil and the Eastern Mediterranean. Additionally, ExxonMobil is pursuing exploration opportunities offshore India.
XOM’s long-term earnings growth rate is 8.19%. It delivered an average earnings surprise of 3.6% in the past four quarters.
TTE Stock’s Price Performance
In the past six months, shares of TotalEnergies have risen 11.5% compared with the industry’s 9.1% growth.
Image: Shutterstock
TotalEnergies Expands Suriname Presence With 25% Stake in Block 53
Key Takeaways
TotalEnergies SE (TTE - Free Report) announced that it has signed an agreement to acquire the 25% interest held by Moeve (formerly CEPSA) in Block 53, offshore Suriname. Together with Petronas, which owns 30% of the license, and APA Corporation (APA - Free Report) , which controls 45% of the block, TotalEnergies is now a partner in the license.
Block 53 is situated directly east of Block 58, where TotalEnergies serves as the operator with a 40% stake. The final investment decision for the GranMorgu development was made in October 2024. The Block 53 license encompasses the Baja-1 discovery, which was drilled close to the boundary of Block 58.
This acquisition brings new resources to the development of TTE’s low-cost and low-emission GranMorgu project. It also demonstrates how TotalEnergies will use the GranMorgu infrastructure to expand its production plateau and develop new resources profitably, strengthening the company's position in Suriname's offshore market.
Over 750 million barrels of recoverable resources are believed to be contained in the GranMorgu development, which requires a substantial investment of $10.5 billion. The GranMorgu is anticipated to begin production in the first half of 2028, with a capacity of 220,000 barrels per day. Its floating offshore production unit is anticipated to rank among TotalEnergies' largest projects to date.
In June 2025, TotalEnergies announced the acquisition of a 25% working interest in a portfolio of exploration leases offshore U.S. from Chevron Corporation (CVX - Free Report) . This deal would increase TotalEnergies' offshore U.S. exploration acreage, combining a variety of geological features and prospectivity, and is consistent with the ongoing objective of expanding its exploration portfolio with low-cost and low-emission choices.
Focus on Offshore Exploration Opportunities
The offshore assets of oil and gas companies provide several benefits, primarily through access to vast and untapped resources under the ocean floor. The offshore fields play a crucial role in meeting the growing global demand for energy and ensuring a steady, reliable supply of oil and gas for both domestic and international markets. Along with TTE, Chevron and ExxonMobil Corporation (XOM - Free Report) are focused on offshore exploration opportunities.
Chevron has a notable offshore presence in South America, particularly in Suriname and Uruguay, with its exploration and production activities. It is also actively pursuing offshore exploration, particularly in the Gulf of Mexico and the Eastern Mediterranean. Its renewed interest effectively doubles the area available for exploration, expanding the offshore blocks to a vast 18,146 square miles (47,000 square kilometers). This not only increases the possibility of finding commercially viable energy reserves but also opens up opportunities for both CVX and Greece’s energy future.
CVX’s long-term (three to five years) earnings growth rate is 8.29%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year decrease of 6.2%.
ExxonMobil is actively involved in offshore oil and gas exploration, with a particular focus on deepwater projects globally. The company has significant acreage positions and ongoing exploration activities in areas like Guyana, Brazil and the Eastern Mediterranean. Additionally, ExxonMobil is pursuing exploration opportunities offshore India.
XOM’s long-term earnings growth rate is 8.19%. It delivered an average earnings surprise of 3.6% in the past four quarters.
TTE Stock’s Price Performance
In the past six months, shares of TotalEnergies have risen 11.5% compared with the industry’s 9.1% growth.
Image Source: Zacks Investment Research
TTE’s Zacks Rank
The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.