Staatsolie's Ambitious Offshore Venture: Suriname's $1.5 Billion Quest

Suriname's state-owned oil company, Staatsolie, seeks $1.5 billion in financing to join the Gran Morgu energy project led by TotalEnergies. The major offshore project could enable Suriname to rival Guyana in crude and gas production. Staatsolie aims to triple revenue by 2029 through strategic partnerships.

Suriname's state-owned company, Staatsolie, is seeking an unprecedented $1.5 billion in bank financing to join the Gran Morgu energy project, marking a significant step in the nation's energy ambitions. The project, led by TotalEnergies, is the country's first major offshore venture.

With significant reserves discovered, Suriname aims to compete with neighboring Guyana as a major player in the offshore crude- and gas-producing arena once oil production begins in 2028. Staatsolie is eager to partner with TotalEnergies and APA Corp in the development of Block 58, following a positive investment decision in October.

Staatsolie's director, Annand Jagesar, revealed discussions with international banks for financing at a recent industry conference in Guyana. The project requires substantial investment, with Staatsolie's portion alone estimated at $2.4 billion. Having already secured $175 million and issued bonds, Staatsolie considers this venture a strategic move towards company growth, potentially tripling its revenue by 2029.

(With inputs from agencies.)