Staatsolie Maatschappij Suriname N.V. reported a revenue of US$ 735 million for the fiscal year 2024. US$ 384 million was contributed to the state treasury, marking the third consecutive fiscal year with contributions exceeding US$ 300 million. The Annual General Meeting of Shareholders (AGM) approved the financial statements for 2024 on Tuesday, May 6, 2025.
The fiscal year 2024 has been remarkable. With the announcement of the Final Investment Decision (FID) for the GranMorgu project in Block 58, a new era was ushered for Suriname and Staatsolie. The financial and production result have also been positive. The Board of Executive Directors presented the results for 2024 and outlook at the Annual General Meeting of Shareholders (AGM). President Chandrikapersad Santokhi, representing the shareholder, and Kermechend Raghoebarsing, Minister of Finance, and David Abiamofo, Minister of Natural Resources, attended.
Financial results
The consolidated revenue of Staatsolie and its subsidiaries GOw2 and SPCS in 2024 is US$ 735 million, an increase of US$ 13 million compared to 2023 (US$ 722 million). This revenue also includes Staatsolie's participation in gold mines of Newmont Suriname LLC and Rosebel Gold Mines N.V. The pre-tax profit is US$ 430 million, a slight increase compared to US$ 426 million in 2023. US$ 384 million has been contributed to the state treasury, US$ 13 million more than the previous fiscal year. This contribution consists of various taxes, dividends, and royalties from Staatsolie's participation in gold mines. In the past fiscal year, Staatsolie contributed 31 percent (2023: 36 percent) to government revenues. The share in the Gross Domestic Product (GDP) is nine percent, the same as in 2023. GDP is the total added value of all goods and services produced in a country during a year.
Production results
The total annual production of Saramacca Crude was 6.41 million barrels, 140,000 barrels more than in 2023 (6.27 million barrels). The production increase is the result of projects to improve oil extraction from the oil fields in Saramacca using modern technologies.
The Staatsolie refinery produced 2.9 million barrels of high-quality diesel and gasoline (2023: 3.16 million). The production meets the goals for 2024, considering the major maintenance shutdown completed early in the year. Various improvement projects have made refinery processes more efficient.
Staatsolie's subsidiary, Staatsolie Power Company Suriname N.V. (SPCS), produced approximately 1.42 million megawatt-hours (MWh) of electricity, fulfilling 67 percent of the energy requirements for Greater Paramaribo and its surrounding districts (the EPAR network). This 67 percent comprises 42 percent from the SPCS Brokopondo hydropower plant and 25 percent from the SPCS thermal power plant at Tout Lui Faut.
GOw2 maintained a retail market share of 57 percent. The consumer network continued to expand with the opening of a new gas station.
Investments in society
Staatsolie and its subsidiaries invested approximately US$ 3 million in community projects, with a focus on education, youth, seniors, and healthcare. Through participation in the two gold mines, Staatsolie also contributed to the social programs of partners Newmont and Rosebel Gold Mine. Staatsolie's offshore contractors spent US$ 1.7 million on social projects based on their obligations in the production sharing agreements. On October 1, TotalEnergies and partner APA announced a donation of US$ 13 million to mother and child care projects of the Academic Hospital Paramaribo (AZP) and ‘s Lands Hospital. At AZP, this includes modernizing care systems and building a special children's hospital. At ‘s Lands Hospital, the inpatient building will be renovated. Construction is planned to start in June 2025.
Offshore
On October 1, 2024, TotalEnergies and partner APA announced the Final Investment Decision for the GranMorgu field in Block 58. The progress of Suriname's first offshore oil field development is now at approximately thirteen percent. Contracts have already been signed for major production facilities. The Floating Production, Storage and Offloading (FPSO) platform is under construction, with progress currently at 27 percent. In the coming years, production and injection wells will be drilled, subsea installations and pipelines will be laid, and modules will be installed on the FPSO. The first oil from the GranMorgu field is expected in 2028.
In March 2024, an agreement was signed with PETRONAS to further explore the 2020 gas discovery in Block 52. This successfully led to the Sloanea-2 exploration well and production test. PETRONAS is therefore starting pre-development activities to assess the feasibility of a commercial gas field. The investment decision for the development of a gas field is expected as early as the end of 2026. In May 2024, PETRONAS confirmed a new discovery with the Fusaea-1 well in Block 52. This discovery is being studied to determine the reservoir and potential development alongside previous discoveries. Two new exploration wells will be drilled for this purpose in 2025.
On September 13, PetroChina signed Production Sharing Contracts (PSCs) for offshore blocks 14 and 15, marking the commencement of operations by a new international company in Surinamese waters. Staatsolie, through its subsidiary Paradise Oil Company N.V. (POC), holds a thirty percent interest in both blocks.
Outlook
Developments in the offshore are anticipated to be significant in 2025 and beyond. Staatsolie made substantial progress in 2024 to secure funding for up to twenty percent participation in the GranMorgu project. According to current estimates, US$ 2.4 billion is required for this. The necessary funds will be obtained through equity, bank loans, and new bond issuance. The bond issuance in March 2025 raised a total of US$ 515.8 million. Negotiations with banks are in the final stages. Due to solid performance in recent years, good financial management, and sustainable relationships, Staatsolie has good access to international, regional, and local banks and investors to secure funding for the GranMorgu project.
Staatsolie continues efforts to attract international oil and gas companies for exploration in blocks in the open offshore acreage. In the existing offshore blocks, international companies are continuing their exploration activities. This year, five exploration wells will be drilled in various blocks, with Macaw-1 in Block 64 being the first. The operational activities for these wells, and those for the GranMorgu project from 2026, will be carried out from Suriname. For the Surinamese economy, this means a significant positive economic spin-off through the deployment of local labor and the procurement of goods and services.
Regarding onshore oil production, the goal is to maintain annual production of 6 million barrels. Various ongoing projects will be continued and new ones initiated to achieve this. The further implementation of the exploration program should add new onshore oil reserves.
Efforts to increase the capacity of the Brokopondo hydropower plant will continue in 2025. A multi-year program is underway to optimize the turbines of three of the six generation units. Staatsolie continues to explore green energy possibilities. Pending regulatory approval, construction of a 30 MWp solar power plant is expected to begin in 2025.
Based on the slogan "Confidence in our own abilities”, Staatsolie continued building a stronger foundation to realize its vision "Energizing a Bright Future for Suriname." The company thanks all stakeholders, including the shareholder, Surinamese government, Supervisory Board, employees, partners, suppliers of goods and services, customers, and society, for their support in the fiscal year 2024.
President of Suriname, Chandrikapersad Santokhi, received Staatsolie’s Annual Report 2024 from Annand Jagesar, CEO/Managing Director
Confidence in our own abilities
