TotalEnergies Invests in Renewable Energy Alongside Oil
PARAMARIBO — In addition to fossil energy, TotalEnergies is investing in renewable and low-carbon energy. According to CEO Patrick Pouyanné, 25 percent of the French energy company’s investments go to this sector. He said this on September 19 during the event “GranMorgu: A New Dawn Taking Shape,” held in connection with the start of activities for Suriname’s offshore oil project.
TotalEnergies is also responding to the global call to reduce dependence on fossil fuels. “We provide the fuel the world still needs today and invest in green energy because the reality of climate change cannot be denied,” he said in response to a question from de Ware Tijd. According to Pouyanné, TotalEnergies has also spoken with President Jennifer Geerlings-Simons about possible solar energy initiatives in Suriname. No concrete plans have been announced yet.
Low-Carbon Energy
The energy company itself also uses renewable and low-carbon energy. According to Pouyanné, its share in the company’s own operations is currently around 10 percent and could be increased further. At the same time, TotalEnergies remains fully committed to oil and gas. Together with APA Corporation, the company is developing GranMorgu, for which a Final Investment Decision of approximately US$10 billion was made in 2024. First oil production is scheduled for 2028.
Offshore production will also generate natural gas. Pouyanné said that more than 90 percent of it will be reinjected into the subsurface. A small portion will be used to power the production process.
Meanwhile, Staatsolie Managing Director Annand Jagesar emphasized that Suriname must take fluctuations in oil prices into account. He said the company’s operations are being structured accordingly. He also stressed the importance of making timely adjustments to, among other things, work permit procedures and preventing the arrival of the oil industry from driving up prices beyond what the local population can afford.