TotalEnergies (TTE.PA) is set to spud an exploration well on offshore Block 64 in Suriname in May 2025 and run a separate new campaign targeting additional prospects next year, a move that underscores the French supermajor’s conviction in the South American frontier even as commercial development remains years away.

With Wood Mackenzie estimating Suriname holds roughly 2.4 billion barrels of crude and 12.5 trillion cubic feet of natural gas, the stakes for TotalEnergies-and for investors tracking its long-cycle growth pipeline-are significant.

Key Takeaways

  • Block 64 drilling set to begin May 2025 alongside new 2026 campaign.
  • TotalEnergies holds a 40% operating stake in Block 64.
  • Separate $10.5 billion Block 58 project targets first oil in 2028.

Market Context & Scale

TotalEnergies’ dual-track Suriname strategy sits alongside a $10.5 billion sanctioned development on Block 58-the single largest upstream commitment in Suriname to date-putting the company well ahead of regional peers in capital deployed to the Guiana-Suriname basin 1. That basin is viewed by many analysts as the most prospective deepwater frontier outside of Guyana, where ExxonMobil’s Stabroek Block has delivered more than 11 billion barrels of discovered resources.

Suriname has logged nine offshore discoveries in the past six years, yet none has reached commercial production, a lag that separates it from Guyana’s more advanced development curve and keeps execution risk elevated for investors evaluating TotalEnergies’ growth optionality.

Block 64: Partners, Stakes, and Timeline

TotalEnergies holds a 40% interest in Block 64, partnering with QatarEnergy (30%) and Malaysia’s Petronas (30%) under a production-sharing contract signed with Suriname’s state oil company, Staatsolie, in 2023 1. A company executive said TotalEnergies was finalising the cost estimate for the Block 64 well and organising rig logistics ahead of the May spud date.

The Block 64 campaign is distinct from-and additive to-the Block 58 development, which TotalEnergies is pursuing jointly with APA Corp (APA.O). Block 58 reserves are pegged at approximately 750 million barrels in water depths between 100 and 1,000 metres, with Staatsolie projecting a productive field life of 20 to 25 years.

The 2026 Exploration Campaign: Extending the Target Inventory

TotalEnergies’ vice president for exploration in the Americas said Wednesday the company expects to begin a new well drilling campaign in 2026 designed to extend its exploration targets in Suriname beyond the current Block 64 and Block 58 positions 2. The additional campaign signals that TotalEnergies views Suriname’s resource inventory as under-appraised rather than mature, a stance that differentiates it from operators who have scaled back frontier spending amid lower oil prices.

For deal-focused investors, the sequential drilling cadence-Block 64 in May 2025, followed by a fresh exploration campaign in 2026-creates a series of potential near-term catalysts that could move TTE.PA on discovery announcements or dry-hole disappointments.

Outlook & Management Commentary

“TotalEnergies expects to begin a new well drilling campaign next year to extend its exploration targets in Suriname,” the company’s vice president for exploration in the Americas said, signalling a multi-year commitment to the country’s offshore acreage 2.

The broader context reinforces the ambition: Suriname’s estimated 12.5 trillion cubic feet of gas reserves, layered on top of the crude resource base, could eventually support LNG or gas monetisation schemes that add another dimension to the country’s long-term investment case, according to Wood Mackenzie estimates 1.

Conclusion

TotalEnergies is positioning Suriname as a multi-block, multi-year growth engine, with the Block 64 spud in May 2025 serving as the first hard catalyst in a sequence that runs through the 2028 first-oil target at Block 58. Investors tracking the company’s upstream pipeline will want to monitor well results closely: each exploration outcome in this frontier basin carries the potential to materially re-rate the resource base-up or down-before a dollar of production revenue is booked.

Not investment advice. For informational purposes only.

References

1Slav, Irina (Jan 9, 2025). “TotalEnergies Prepares to Start Drilling in Suriname”. OilPrice.com. Retrieved June 24, 2026.

2(Jan 8, 2025). “TotalEnergies to drill exploration well in Suriname Block 64 in May, says country manager”. Reuters. Retrieved June 24, 2026.

3“TotalEnergies in Suriname”. TotalEnergies. Retrieved June 24, 2026.