Staatsolie Secures Financing for GranMorgu Project in Suriname

Staatsolie, the Surinamese national oil company, has successfully arranged a loan with a consortium of 18 international, regional, and local banks and financial institutions. This loan will enable Staatsolie to partially finance its 20% participation in the GranMorgu project located in Suriname’s offshore block 58. Additionally, the funds will be used to fully repay the outstanding bank loan of $130 million.

The decision to enter the GranMorgu project with a 20% interest was made after TotalEnergies announced its final investment decision. Staatsolie estimates that the total financing required for its stake in the project amounts to $2.4 billion. Apart from the bank loan, the financing will also include cash, cash flow from the business, and proceeds from bonds issued in March 2025.

Located 150 km off the coast of Suriname, the GranMorgu project represents the first oil and gas development in the country’s offshore waters. SBM Offshore has already secured contracts for the project, in partnership with Technip Energies, to construct and install an FPSO following the completion of FEED studies.

Furthermore, TechnipFMC and Saipem have been awarded contracts for the GranMorgu project. TechnipFMC’s scope of work includes providing subsea tree systems, manifolds, connectors, topside control equipment, umbilicals, flexible jumpers, and risers. On the other hand, Saipem will be responsible for the engineering, procurement, construction, installation, pre-commissioning, and assistance for the commissioning and start-up of the SURF package.