Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”) and African Export-Import Bank (Afreximbank), alongside with other 16 financial institutions have reached an agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) a US$1.6 billion long-term senior secured financing facility.
The proceeds will support Staatsolie in partially refinancing existing debt and funding its 20% working interest in the GranMorgu upstream offshore oil project (the “Project”) located in Block 58, approximately 150 km of the coast of Suriname.
GranMorgu is one of the most significant developments in the global energy industry. This transaction represents the largest project financing transaction in Suriname’s history and paves the way for initial offshore oil production by mid-2028. It will also provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investments in infrastructure, healthcare, education, and future offshore developments.
The Project is being developed under a joint operating agreement with TotalEnergies EP Suriname B.V., as operator. The offshore development in Suriname’s Block 58, is poised to generate over 6,000 jobs (direct and indirect) and inject up to $26 billion into the national economy (depending on oil price), offering a transformative opportunity to alleviate poverty and enhance public services in the country.
The credit facility, structured by Bladex, was successfully syndicated with leading international, regional and local banks, and investment management firms.
“We have built a solid financial foundation for Staatsolie to participate in GranMorgu and possible future projects and are embarking on a new phase of transformational growth for the company and the country” said Annand Jagesar, Managing Director of Staatsolie.
“This is a very exciting milestone for Bladex and Staatsolie. The development of GranMorgu will more than double Staatsolie´s production and provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investment in infrastructure, health, education, and future offshore developments. We are happy and honored to help one of our member countries to finance one of its most important projects in its history” said Samuel Canineu, Chief Commercial Officer at Bladex.
Recoverable resources in these fields are estimated to exceed 750 million barrels, making it one of the most significant developments in the global energy sector. The project also stands out for its low-carbon design, featuring a fully electric Floating Production, Storage, and Offloading unit (FPSO) capable of producing 220,000 barrels per day.
The FPSO has been designed with no routine gas flaring, full gas reinjection, waste heat recovery, and continuous methane monitoring, positioning GranMorgu among the most efficient upstream oil project in terms of greenhouse gas emissions per barrel produced in the industry. Additionally, the FPSO design will allow for future satellite tie-ins, extending plateau production and maximizing long-term national benefits. This flexibility marks the beginning of Suriname’s vast offshore oil potential, positioning the country as a key player in the global energy market.
From an economic standpoint, capital investments in the Project slightly exceed US$12 billion, with Staatsolie contributing 20% (US$2.4 billion). Depending on price, the Project is expected to generate over US$26 billion in revenue for Staatsolie and the Government of Suriname over its operational life, significantly boosting the country’s economic development.
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