Officials say that France’s TotalEnergies and U.S. hydrocarbon company APA Corp. plan to invest $10 billion to extract oil off the coast of Suriname in a historic investment for the South American country.

France’s TotalEnergies has reported third-quarter net income of $6.6 billion despite losses from pulling out of a venture in Russia.

France is forecasting growth to slow down substantially next year in the EU’s second-biggest economy.