TotalEnergies Acquires 25% Stake in Suriname’s Block 53 from Moeve
TotalEnergies has acquired a 25% stake in Block 53 offshore Suriname from Spain’s Moeve, formerly known as CEPSA, as part of Moeve’s broader divestment from non-renewable assets. The block lies adjacent to TotalEnergies’ $10.5 billion Gran Morgu project, which reached a final investment decision in October 2023 and is estimated to hold over 700 million barrels of recoverable resources.
Block 53, operated by Houston-based APA Corporation (45% stake), also includes Petronas (30%) as a partner. The acquisition will allow TotalEnergies to expand its presence in Suriname, where oil and gas production has yet to begin but where significant exploration success mirrors the early stages of neighbouring Guyana’s energy boom.
Moeve’s exit from Block 53 marks the completion of its withdrawal from upstream operations across Latin America, following the sale of its assets in Colombia and Peru. Since 2022, Moeve has divested 70% of its oil and gas portfolio, in line with its “Positive Motion” strategy aimed at shifting over 50% of operating profit to sustainable businesses by 2030. These include green hydrogen, advanced biofuels, and other low-carbon technologies.
In recent years, Moeve has also exited Abu Dhabi and its retail LPG business in Spain and Portugal, with transactions valued at €1.5 billion and €275 million, respectively.
The acquisition by TotalEnergies reinforces its strategic footprint in Suriname and supports its long-term upstream ambitions in the region.
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