Oil Daily | TotalEnergies Expands in Suriname and Argentina Amid Rising Sanctions on Russian Oil Exports

【Latest Oil Policies】

Germany seeks an EU delay in green hydrogen production rules to accelerate industry growth. Germany's Economy Minister suggests postponing the "additionality" norm until 2035 to facilitate renewable hydrogen projects. The EU aims to produce and import 10 million tons of renewable hydrogen by 2030, with Germany advocating for postponed regulations to boost development.

【Industry News】

TotalEnergies is preparing to develop resources offshore Suriname, following significant discoveries in the Atlantic Basin. The company plans to make a final investment decision by late 2024, targeting oil production by 2028. Suriname holds an estimated 2.4 billion barrels of crude oil reserves, with exploration efforts continuing.

Constellation Energy has signed its largest power purchase agreement with Microsoft to restart the Three Mile Island Unit 1 nuclear plant. The 20-year deal supports Microsoft’s zero-carbon goals and aims to meet rising U.S. electricity demand driven by data centers and AI. The plant is expected to be online in 2028.

French supermajor TotalEnergies began natural gas production from the Fenix field offshore southern Argentina. With a capacity of 10 million cubic meters per day, the field is part of TotalEnergies' low-cost, low-emission strategy. The development supports Argentina's plans to boost oil and gas output and LNG exports.

【Oil-Producing Countries Dynamics】

Russia is increasingly using sanctioned oil tankers to export its oil, circumventing U.S. and EU restrictions. Tanker-tracking data shows an accelerating trend, with Russian state-owned Sovcomflot loading cargoes. The U.S. and EU have targeted Russia’s "dark fleet" in sanctions efforts, but Russia continues to defy these measures.