Staatsolie is seeking $1.5 billion to finance the Gran Morgu energy project by 2025, marking Suriname’s first major offshore initiative. The total project cost is about $12.2 billion, with Staatsolie’s share being $2.4 billion. The company anticipates nearly tripling its revenue by 2029, highlighting their strategic growth in the offshore sector.
Staatsolie, Suriname’s national oil company, is pursuing $1.5 billion in bank financing for the Gran Morgu energy project slated for 2025. This project represents Suriname’s inaugural major offshore venture, with the ambition of establishing the nation as a noteworthy producer of offshore crude and gas. Staatsolie will partner with TotalEnergies and APA Corporation for this initiative, having secured a favorable final investment decision (FID) in October of last year.
The Gran Morgu project, located in Block 58, has a total estimated development cost of $12.2 billion, necessitating $2.4 billion from Staatsolie’s share. Current development stands at 10% completion, facilitated by a series of initial contracts valued at approximately $7 billion. To support these efforts, Staatsolie has already invested $175 million of its own capital and issued bonds to address part of its funding needs.
Managing director Annand Jagesar emphasized the strategic nature of their involvement, stating, “To participate and to learn from the big boys, that fits perfectly in our strategy.” The company forecasts a near tripling of its revenue by 2029, projecting earnings of $1.77 billion as indicated in its recent prospectus. A significant hurdle remains the swift acquisition of the necessary financing to engage robustly in these offshore projects.
In addition to Gran Morgu, Staatsolie is also looking to join a natural gas initiative led by Petronas in Block 52, expected to reach FID next year. This venture is anticipated to be Suriname’s first exclusive natural gas development. Last September, Staatsolie signed production sharing contracts (PSCs) with PetroChina Investment Suriname for offshore exploration and development of blocks 14 and 15, indicating further expansion of their operational footprint.
Staatsolie is embarking on a significant financing effort for the Gran Morgu energy project, aiming to secure $1.5 billion by 2025. This initiative, in collaboration with TotalEnergies and APA Corporation, marks a crucial step in positioning Suriname as a key offshore oil and gas producer. To succeed, Staatsolie must efficiently mobilize funding while also exploring other high-potential natural gas opportunities.
Original Source: www.offshore-technology.com
