France's TotalEnergies and U.S. APA Corp on Tuesday announced a positive investment decision for Suriname's most promising oil and gas project, Block 58, which is expected to inaugurate the nation's offshore output.

French energy major TotalEnergies said it would invest $10.5 billion in a large offshore oil-and-gas field in Suriname, in what would be the South American country’s first offshore hydrocarbon development.

French energy and petroleum company TotalEnergies will invest $10 billion in a project to extract oil off the coast of Suriname, officials announced on Tuesday. From 2028, 220,000 barrels of oil will be produced daily 150 kilometres off the coast of the South American country,