12:31 PM EDT, 10/01/2024 (MT Newswires) -- APA (APA) said Tuesday that its APA Suriname 58 unit has made a final investment decision for offshore oil development in Block 58 Suriname in an equal joint venture with TotalEnergies' (TTE) Suriname unit

APA expects total investment of $10.5 billion in oil development of the block, with first oil from the Krabdagu and Sapakara discoveries expected in 2028, the company said.

Suriname's national oil company Staatsolie holds an option to get up to a 20% stake in the development project after the final investment decision, APA said.

Shares of APA rose 5% in recent trading.

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