PARIS, Feb 21 — French giant TotalEnergies today announced the discovery of significant reserves of oil and gas off the coast of Suriname and said it would begin exploration soon.

The company has several exploration licences in the South American nation and made the announcement jointly with US firm APA.

“TotalEnergies and APA Corporation have made a significant new oil and associated gas discovery at the Krabdagu-1 well, in the central area of Block 58, offshore Suriname,” a press release said. 

“This follows previous discoveries at Maka, Sapakara, Kwaskwasi and Keskesi, and the successfully tested Sapakara South-1 appraisal well,” it added.

Several “significant” discoveries have been reported at Bloc 58 since 2020.

TotalEnergies said it would “continue our exploration and appraisal strategy of this prolific Block 58 in order to identify sufficient resources by year-end 2022 for a first oil development”.

The International Energy Agency, which advises industrialised nations on energy policy, last year advised the scrapping of all new fossil fuel projects in its roadmap to help achieve global carbon neutrality by 2050. — AFP