TotalEnergies SE said it has signed an agreement to acquire the 25 percent interest held by Spanish integrated energy firm Moeve, formerly known as CESPA, in Block 53 offshore Suriname.
The interest is held by CEPSA Suriname S.L., an affiliate of Moeve.
TotalEnergies will join APA, the operator of the license with a 45% interest, and Petrona, which owns 30 percent, the company said in a news release.
Block 53 lies directly east of Block 58, where TotalEnergies and its partners announced a final investment decision for the GranMorgu development in October 2024. Block 53 contains the Baja-1 discovery, drilled near the border of Block 58, the company said.
Financial details of the acquisition were not disclosed.
“This acquisition brings new resources to the development of our low-cost and low-emission GranMorgu project”, Javier Rielo, senior vice president for Americas exploration and production at TotalEnergies, said. “It also proves how TotalEnergies will leverage GranMorgu infrastructure to develop profitably additional resources and extend its production plateau, strengthening the position of the company in the offshore of Suriname”.
The GranMorgu project aims to develop resources on block 58, located around 93.2 miles (150 kilometers) off the Surinamese coast. Specifically, the Sapakara and Krabdagu fields, which contain recoverable reserves estimated at nearly 760 million barrels, according to the company’s website.
The GranMorgu project’s floating production, storage and offloading unit (FPSO), with a capacity of 220,000 barrels per day, “is based on the design principles of tried-and-tested units in Guyana in the same type of environment,” TotalEnergies said.
The FPSO is designed to allow the future connection of satellite fields to extend the duration of its production plateau. Production start-up is expected in 2028, the company said.
The divestment follows the sale of Moeve’s exploration and production assets in Colombia and Peru in 2024 and in Abu Dhabi in 2023, in line with the Company’s 2030 strategy, the company said in a separate statement.
Moeve aims to transition into a company that generates more than 50 percent of its EBITDA from sustainable activities such as green hydrogen, green hydrogen, derivatives and second-generation biofuels. The company has sold 70 percent of its oil production portfolio since 2022, according to the statement.
Collaboration with Mistral AI
Meanwhile, TotalEnergies said it is collaborating with French firm Mistral AI to accelerate artificial intelligence (AI) innovation in support of the company’s multi-energy strategy, specifically targeting low-carbon energies.
Under the terms of the partnership, the two companies will establish a joint innovation lab. Mistral AI will contribute its AI technologies and TotalEnergies will contribute its expertise in the production of energy, particularly renewable, low-carbon energy aiming to test and design advanced digital solutions, according to an earlier statement.
“We are delighted to work with Mistral AI, a leading French player in artificial intelligence. This deal reflects our intention to contribute to the emergence of a technological ecosystem in Europe, and will allow us to explore new opportunities to further embed AI into our activities. AI has huge potential to transform energy systems, and this partnership was motivated by our pioneering spirit and ongoing search for innovation,” TotalEnergies Chairman and CEO Patrick Pouyanné said.
“This partnership illustrates the positive impact generative AI can have on a sector as strategic as that of TotalEnergies. By dedicating our AI solutions and experts to the R&D effort, the operational teams and, ultimately, the company’s customers, we are contributing to improved operations and the digital transition of this global energy giant,” Mistal AI CEO Arthur Mensch said.
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