Suriname's Staatsolie expected to target finance market for offshore acreage investment

Suriname’s national oil company Staatsolie must access the finance market to cover its share of costs for offshore block 58, Wood Mackenzie’s Luiz Hayum told BNamericas.

The energy data and analytics company’s principal upstream research analyst for Latin America highlighted the NOC’s US$2.1bn investment commitment by exercising its farm-in rights for a 20% stake.

On Tuesday, TotalEnergies and APA announced their final investment decision to develop the deepwater block’s GranMorgu field with investment of US$10.5bn and first oil in 2028. The project includes a 220,000b/d FPSO.

Staatsolie has said it is considering various finance options, including its own cash reserves, bonds, bank loans, and partnerships with strategic and/or non-strategic partners.

As for the acreage’s significance for TotalEnergies, Hayum said that “deepwater projects are at the core of TotalEnergies' portfolio, accounting for over 20% of its upstream portfolio value. However, the company holds mostly non-operated positions in the Americas. GranMorgu sanction changes that and gives them exposure to a new frontier deepwater region.”

He added that “the project sanction is vital for APA Corporation’s portfolio renewal. Along with its US lower 48 portfolio, including the recent Callon acquisition, Suriname will be a crucial source of revenue growth.”

For the government, “revenue will exceed US$2.5bn in peak years – including royalties, corporate tax and the government share of profit oil,” Hayum said.

BNamericas previously reported that drilling at block 58 could begin in 2026.

TotalEnergies’ latest strategy and outlook presentation released on Wednesday highlights the French group’s push to “drastically” lower emissions from operations, including plans for the Suriname acreage.

Block 58 actions include an all-electric FPSO; high energy efficiency through waste heat recovery, high-pressure gas separation, deep water intake; and minimizing methane emissions through closed flaring and vent recovery units.

For recent related developments in Suriname, click on the following links:

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Go Global, Pertamina Explores Upstream Oil and Gas Cooperation Opportunities in Latin America and the Caribbean

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