APA forecasts annual spend of up to US$300mn for Suriname
Annual spend for upstream operator APA at Suriname offshore block 58 from 2025 to first oil, penciled in for 2028, is expected to range from US$200mn to US$300mn.
The spend forecast was released as part of the Houston-based company's third quarter results.
On October 1, APA and partner TotalEnergies announced a final investment decision for the acreage, which would be the country’s first deepwater contributor of crude.
APA’s capital allocation for Suriname next year totals US$200mn for development activity, and the operator expects capital investment in the country to be funded through operating cash flow.
Upstream capital investment in January-September for APA in Suriname, where the company also has a stake in block 53, totaled US$51mn, or 2.4% of companywide upstream spend, with the bulk having gone to US operations.
“We see significant opportunity for additional exploration in block 58 that could extend the production plateau and enhance the economics of our first FPSO or potentially support additional development project in the future,” APA chief executive John Christmann told investors and analysts.
Also read Suriname oil production forecast to peak in 2030-31
Source: APA
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