Staatsolie Maatschappij Suriname N.V. has contributed US$384 million to Suriname’s state treasury for the 2024 fiscal year. The company reported total revenue of US$735 million, slightly up from US$722 million in 2023.
This is the third consecutive year Staatsolie’s contribution to the treasury exceeded US$300 million. The financial results were approved at the Annual General Meeting of Shareholders on May 6, 2025.
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Staatsolie’s pre-tax profit for 2024 was US$430 million. The treasury contribution includes taxes, dividends, and royalties from the company’s oil and gold operations. Staatsolie accounted for 31% of state revenues and nine percent of gross domestic product (GDP) in 2024.
Crude oil production rose to 6.41 million barrels, up 140,000 from 2023. The increase followed technological upgrades at the Saramacca oil fields.
The refinery produced 2.9 million barrels of diesel and gasoline. This met production targets despite a major maintenance shutdown early in the year.
Staatsolie’s power subsidiary, SPCS, produced 1.42 million megawatt-hours of electricity. It supplied 67% of demand for Greater Paramaribo and surrounding districts. Retail arm GOw2 held a 57% market share and expanded its fuel station network. Staatsolie and subsidiaries invested US$3 million in community projects focused on health, education, youth, and seniors.
Through offshore partners, an additional US$1.7 million was spent on social programs. TotalEnergies and APA committed US$13 million to mother and child care initiatives in October 2024.
In Block 52, PETRONAS progressed with gas pre-development after drilling the Sloanea-2 well. A new discovery at Fusaea-1 will be further assessed with two exploration wells in 2025. PetroChina signed production sharing contracts in September for offshore blocks 14 and 15. Staatsolie holds a 30% stake in both blocks through its subsidiary, Paradise Oil Company N.V.
Staatsolie raised US$515.8 million via bond issuance in March 2025. It continues to secure funds for up to 20% participation in GranMorgu, estimated at US$2.4 billion.
The company aims to maintain six million barrels of annual onshore production. Projects are ongoing to boost reserves and enhance output. Efforts continue to expand renewable energy, including turbine upgrades at the Brokopondo hydropower plant. Construction of a 30 MWp solar power plant is expected to start in 2025.
