Staatsolie secured more than US$2 billion in financing in 2025 to fund its 20% participation in Suriname’s GranMorgu offshore oil development, according to Managing Director Annand Jagesar.
In a message published in the company’s 2025 Annual Report released on May 15, Jagesar said Staatsolie raised US$516 million through the Staatsolie Bond 2025-2033 and secured a US$1.6 billion syndicated loan from 18 banks and financial institutions.
“Together with our own cash reserves and operating cash flow, these funds provide a solid and responsible financial basis for our US$2.4 billion investment in GranMorgu,” Jagesar stated.
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GranMorgu is Suriname’s first offshore oil development. The project is being advanced in Block 58 offshore Suriname by TotalEnergies, APA Corporation and Staatsolie.
Jagesar said investor interest in the financing package reflected confidence in Staatsolie’s track record. “The strong interest from both local and international investors confirms confidence in Staatsolie and its future,” he stated.
The company also reported higher revenues and earnings in 2025.
According to the report, consolidated revenues increased to US$832 million from US$735 million in 2024. Pre-tax profit rose to US$444 million from US$430 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to US$633 million from US$604 million.
Jagesar said Staatsolie contributed US$400 million to the Suriname government through taxes, dividends, and royalties from its participation in gold mines.
“Our contribution was approximately eight percent of the total Gross Domestic Product (GDP), representing 30 percent of total government revenue in 2025,” he stated.
On the operational side, Staatsolie produced 6.35 million barrels of Saramacca crude in 2025, maintaining average daily production of about 17,400 barrels.
“This was achieved despite the natural pressure depletion of the reservoirs and challenges of mature fields. Continuous improvements in recovery techniques and operational efficiency remain central to sustaining this production level in the years ahead,” Jagesar said.
