APA Corporation (NASDAQ:APA) shares are trading higher after the company announced a Final Investment Decision (FID) for the first oil development in Block 58, located offshore Suriname.
In June 2024, APA, along with TotalEnergies SE (NYSE:TTE) and Staatsolie Maatschappij Suriname disclosed key advancements towards the FID for developing offshore Block 58.
TotalEnergies and APA operate Block 58, with each holding a 50% stake. Staatsolie, Suriname’s national oil company, has the option to join the development project with up to a 20% ...