Halliburton secures key Suriname well contract as $10.5bn project advances

Halliburton has won the integrated well-construction contract for the GranMorgu deepwater project offshore Suriname. The award, announced on 13 July 2026, covers drilling and completions services for the development operated by TotalEnergies in Block 58.

The deal forms the first global alliance between Halliburton, TotalEnergies, and rig contractor Noble. This coordinated ecosystem deploys a digital and automated execution model designed to lower the total cost of well construction, a framework the companies could replicate in other deepwater frontiers.

GranMorgu targets the Sapakara and Krabdagu discoveries, which hold roughly 750 million barrels of recoverable reserves. The $10.5 billion development will rely on subsea wells tied back to an all-electric floating production, storage and offloading vessel with a capacity of 220,000 barrels per day. First oil is targeted for 2028.

For Halliburton, the contract provides multi-year revenue visibility amid softer earnings in other segments. The company has built a competitive moat in Suriname, having also signed a strategic collaboration with PETRONAS and Valaris in April 2026. This clustering of agreements across multiple operators signals the basin is transitioning from exploration to a sustained development phase, challenging rivals like Schlumberger and Baker Hughes.

The project carries outsized macroeconomic significance for Suriname, a nation of 600,000 people with a gross domestic product of $3 billion to $4 billion. Government revenues from royalties, taxes and dividends could reach $26 billion over the project’s life, potentially tripling the country’s GDP.

State producer Staatsolie exercised its right to a 20 percent stake, transforming the company from an onshore player to a deepwater equity partner. To fund its share, Staatsolie closed a record $1.6 billion syndicated mini-perm loan in May 2025, led by African Export-Import Bank, Bladex, and Deutsche Bank.

Once operational, GranMorgu will add new crude supply to Atlantic Basin markets, continuing the shift of global marginal production toward new deepwater sources and away from traditional OPEC producers. Further exploration is expected to sustain services demand, with at least 10 offshore wells planned across Suriname between 2025 and 2026 by operators including Shell, QatarEnergy, and Chevron.