TotalEnergies’ Block 58 project key to US$31 billion offshore O&G spend forecast – Westwood

TotalEnergies’ Block 58 development offshore Suriname is a major contributor to an expected US$31 billion offshore oil and gas expenditure for the remainder of 2024, according to Westwood forecasts. The project will tap into an estimated 700 million barrels of recoverable resources from two fields, Sapakara South and Krabdagu.

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A floating production, storage, and offloading (FPSO) vessel, capable of producing 200,000 barrels of oil per day, will be used. The FPSO hull has been secured from Dutch floater specialist, SBM Offshore. Drilling is set to begin in early 2026.

Offshore oil and gas-related engineering, procurement and construction (EPC) contract awards have already reached an estimated value of US$34 billion year-to-date, excluding letters of intent. In the past 30 days, several major contracts have been recorded, according to Westwood. Petrobras awarded NOV Flexibles a contract to supply 74.2km of flexible pipes for flowlines and risers across multiple production platforms offshore Brazil.

In the U.S. Gulf of Mexico, BP awarded a design and engineering contract to Exmar and Audubon Engineering for a floating production unit (FPU) at its Kaskida field. Exmar will design the hull using its patented OPTI® hull design, while Audubon Engineering will handle the topside.

Additionally, after BP’s final investment decision (FID), Subsea 7 secured an EPCI contract for Shell’s Vito waterflood project. The scope includes a water injection flowline and related subsea infrastructure to support enhanced oil recovery at the Vito field.

Other significant awards include McDermott’s EPCI, hook-up, and commissioning contract for Shell’s Manatee gas field development offshore Trinidad and Tobago. McDermott will handle the design, fabrication, and commissioning of a platform, jacket, and a 32-inch gas pipeline.

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