French oil giant TotalEnergies is set to finalize a significant investment decision (FID) on Tuesday for an offshore oil and gas project in Suriname, valued at over $10 billion, marking the country's inaugural venture of this scale, according to four sources familiar with the matter.

The Gran Morgu field, situated in Block 58 approximately 140 kilometers from the South American coast, is estimated to hold recoverable resources of around 700 million barrels of oil equivalent, located near ExxonMobil's substantial 11 billion barrel discovery in the neighboring oil-rich region of Guyana.

Last week, Annand Jagesar, the CEO of Suriname's state-owned energy firm and market regulator Staatsolie, informed Reuters that the FID is anticipated to occur at the start of the fourth quarter of 2024.

TotalEnergies' Chief Executive Patrick Pouyanne is expected to travel to Suriname for the FID before heading to New York for the company's investor day on Wednesday, as per the sources who requested anonymity due to the confidential nature of the information.

Jagesar also indicated last week that it is "highly likely" Staatsolie will successfully secure the necessary funding to exercise its option to acquire a 20% interest in the project, which is currently shared equally between TotalEnergies and the Texas-based APA Corporation.

Staatsolie and APA have not yet responded to inquiries for comments outside of regular business hours.