Staatsolie Maatschappij Suriname N.V. has secured a US$1.6 billion bank loan to finance its 20% participation in the GranMorgu development in Block 58.
The loan agreement was finalized on Wednesday, May 14, with a consortium of 18 international, regional, and local banks and financial institutions.
“This loan will finance our participation in the GranMorgu project and fully repay our outstanding US$130 million bank loan,” Staatsolie stated.
The company estimates that US$2.4 billion is required for its full share of the project. In addition to the bank loan, Staatsolie said the remaining funding will come from “own cash, cash flow from the business, and the proceeds from the bonds issued in March 2025.”
In that March bond issue, Staatsolie raised US$515.8 million, exceeding its target of US$304.1 million by over US$200 million.
The company credited its “solid track record, strong governance, and adherence to contractual obligations” for securing the major loan. “We are highly regarded nationally and internationally,” Staatsolie added.
The GranMorgu development is expected to produce 220,000 barrels of oil per day. The FPSO vessel is being built by SBM Offshore in partnership with Technip Energies. Subsea work is being executed by Saipem and TechnipFMC.
