PARAMARIBO, Suriname – The state-owned oil and gas company, Staatsolie Maatschappij Suriname N.V., says it has contributed US$384 million to the treasury after reporting revenue of US$735 million for the fiscal year 2024.
President of Suriname, Chandrikapersad Santokhi, receives the Staatsolie’s Annual Report 2024 from its chief executive officer and managing director, Annand Jagesar (Staatsolie Photo)“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 directors said as the annual general meeting of shareholders (AGM) approved the financial statements for 2024 on Tuesday.
The meeting was attended by President Chandrikapersad Santokhi, Finance Minister Kermechend Raghoebarsing and Natural Resources Minister David Abiamofo.
According to Staatsolie, its consolidated revenue including that of its subsidiaries is US$735 million, an increase of US$13 million compared to 2023, when the revenue was 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 per cent (down from 36 per cent in 2023) to government revenues. The share in the Gross Domestic Product (GDP) is nine per cent, the same as in 2023. GDP is the total added value of all goods and services produced in a country during a year,” the state-owned energy company said.
It said that the total annual production of Saramacca Crude was 6.41 million barrels, 140,000 barrels more than in 2023 and that 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, down from the 2023 figure of 3.16 million barrels.
“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 said its subsidiary, Staatsolie Power Company Suriname N.V. (SPCS), produced approximately 1.42 million megawatt-hours (MWh) of electricity, fulfilling 67 per cent of the energy requirements for Greater Paramaribo and its surrounding districts.
“This 67 per cent comprises 42 per cent 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 per cent. The consumer network continued to expand with the opening of a new gas station.”
Staatsolie said developments in the offshore are anticipated to be significant in 2025 and beyond. It said it made substantial progress in 2024 to secure funding for up to 20 per cent 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 said.
The state-owned energy company said that it 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,” Staatsolie said.
Regarding onshore oil production, Staatsolie said the goal is to maintain annual production of six million barrels. It said various ongoing projects will be continued and new ones initiated to achieve this and that 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.”
