PARAMARIBO, SURINAME – Staatsolie’s 2024 Sustainability Report showcases a year of major progress in responsible energy development, anchored by the company’s participation in the GranMorgu offshore project and a stronger focus on low-carbon, transparent and socially responsible growth.
The company’s Chief Executive Officer, Annand Jagesar, described 2024 as “a new era” for both the company and the country, following Staatsolie’s approval of the GranMorgu development plan and TotalEnergies’ Final Investment Decision (FID) soon after.
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GranMorgu, designed as one of the lowest emission deepwater projects worldwide, targets 760 million barrels of recoverable oil reserves. It features an FPSO capable of 220,000 barrels per day and emissions below 16 kilograms of carbon dioxide equivalent (CO₂e) per barrel of oil equivalent (boe).
Staatsolie holds a 20% stake, investing US$2.4 billion of the total US$12.2 billion cost. The project is expected to inject up to US$1.5 billion into Suriname’s economy and create around 6,000 jobs, with 25,000 more in spin-off sectors.
Onshore, Staatsolie produced 6.41 million barrels of Saramacca crude oil in 2024, while refinery output reached 2.9 million barrels of diesel and gasoline. The company achieved a record-low Total Recordable Injury Frequency Rate (TRIFR) of 0.61.
The report points to a 20% emissions-intensity reduction target by 2030, supported by flare-gas recovery, methane abatement and renewable projects, including a 30-megawatt-peak solar park in Saramacca and hydro turbine upgrades due by 2028.
Staatsolie also noted Suriname’s status as one of only three carbon-negative countries, highlighting the balance between development and conservation.
The company operates under its Brighter Impact Model, focused on sustainable operations, environmental care, safety, employee development and shared prosperity. In 2024, Staatsolie invested US$3 million in social programs, reaffirmed the Extractive Industries Transparency Initiative(EITI) transparency, and supported the Savings and Stabilization Fund Law to ensure responsible use of future oil revenues.
“GranMorgu is just the beginning,” Jagesar said. “Our strategy is about responsible growth, investing in projects that strengthen Suriname’s economy while advancing a sustainable, low-carbon future.”
