Suriname’s Staatsolie is seeking to secure $1.5bn (Sr$53.47bn) in bank financing for the Gran Morgu energy project in 2025, reported Reuters, citing sources.
This initiative marks Suriname’s first major offshore project, aiming to position the country as a significant offshore crude and gas producer.
Staatsolie plans to collaborate with TotalEnergies and APA Corporation (APA) on this venture.
The Gran Morgu project in Block 58 received a positive final investment decision (FID) in October last year.
Staatsolie managing director Annand Jagesar said: “We are talking to big banks in the world to finance. They are very eager to do it.”
However, he did not disclose the potential financiers involved.
The project’s total development cost is estimated at $12.2bn, with Staatsolie’s share requiring $2.4bn.
The development is currently 10% complete, following initial contracts worth up to $7bn.
Staatsolie has already contributed $175m from its own funds and issued bonds to meet part of the capital requirement.
Jagesar highlighted the strategic importance of this participation for Staatsolie, saying: “To participate and to learn from the big boys, that fits perfectly in our strategy.”
The company expects its revenue to nearly triple by 2029 to $1.77bn, as per a recent company prospectus.
The primary challenge for Staatsolie is raising the necessary funds promptly to engage in significant offshore projects.
Additionally, the company might need to secure more funds if it decides to join a natural gas project led by Malaysia’s Petronas, which is expected to reach an FID next year.
Jagesar expressed Staatsolie’s intention to participate in Petronas’ Block 52, potentially Suriname’s first development focused solely on natural gas.
Staatsolie also signed production sharing contracts (PSCs) last September with PetroChina Investment Suriname, a subsidiary of China National Petroleum Corporation, for the exploration and development of offshore blocks 14 and 15.
Under this agreement, PetroChina gains the rights to explore, develop and produce within these blocks, with Staatsolie holding a 30% stake through Paradise Oil Company.
