Can you provide us with a quick history of Staatsolie and explain the main roles the company plays in Suriname's energy sector?
Staatsolie was set up in 1980 and started oil production in 1982. Over the years, we have developed into an integrated energy company with a refinery, power generation, and participations in two gold mines in Suriname. So, basically, it’s a fully integrated energy company.
Our role in Suriname’s energy landscape has evolved significantly. Initially, we focused on onshore oil production, but over the years, we have expanded into refining, power generation, and offshore exploration. Now, as Suriname embarks on its journey to become an offshore oil producer, Staatsolie plays a key role in facilitating and managing this transition while ensuring that the country maximizes its benefits from these resources.
What are some of the current and upcoming projects in expanding oil and gas production in Suriname, and how do you see them shaping the country’s energy landscape?
We have Block 58, this is the area where we have made several discoveries. Our first major offshore oil development will be the GranMorgu project, with a peak production of 220,000 barrels per day. Over 22 years, it will yield between 15 to 25 billion USD for Suriname.
We also have Block 52, where Petronas made a gas discovery. The appraisal and flow tests were above expectations, and they are preparing for a Final Investment Decision (FID) in 2027. Additionally, there were two oil discoveries but these need further exploration. They will drill two oil exploration wells this year.
There is also ongoing exploration in other blocks, including Block 64 and potential drilling in Block 65. If we find oil there, it could open a whole new petroleum system for Suriname and potentially for Guyana as well.
How is Staatsolie working with foreign partners, and what conditions do you offer them?
We operate under production-sharing contracts, of which we have a model available on our website. The conditions for Suriname are positive with a royalty of 6.25%, the profit oil distribution and 36% income tax, resulting in a share for Suriname of 60-70% (after costs), depending on the oil price. Suriname's favorable position has also been confirmed through comparison (benchmarking) with PSCs of other countries such as Guyana, Brazil and Angola.
The PSC stipulates that Staatsolie can participate commercially in the development and production phase. In the case of Block 58, Staatsolie has already secured its position as a strategic partner, participating with up to 20 percent stake in GranMorgu project. For this we will need substantial financing —a total of around 2.4 billion USD. We will be funding this through bonds and other financing sources, like an international bank loan or a strategic partner A local bond was issued in January and closed in March 2025 with an total issuance amount of USD 516,8 million.
How do you see the attraction of foreign investors shaping the future of Suriname?
Offshore investors will continue to come as long as Suriname remains an attractive oil province. Our job is to ensure our offshore blocks remain interesting by conducting studies and upgrading our blocks.
We must also focus on building an investment-friendly environment. This means having a stable regulatory framework, reliable infrastructure, and a skilled workforce. If we manage these factors well, Suriname could become a major destination for international energy investments.
How does Staatsolie balance oil exploration and production with environmental protection?
We take sustainability seriously. We produce a sustainability report and have a standing ESG committee. We have significantly reduced methane emissions. Additionally, our hydroelectric facility produces about 50% of the national electricity demand, and we are planning a 30-megawatt-peak solar project, awaiting approval from regulatory authorities.
For offshore developments, TotalEnergies has designed its systems to minimize emissions. Normally, oil production emits 25 kg of CO2 per barrel, but our project will be capped at 18 kg due to gas re-injection and the elimination of flaring.
Beyond that, we are looking at long-term sustainability initiatives. We are exploring carbon capture and storage technologies and assessing how we can integrate more renewable energy sources into Suriname’s energy mix.
One common issue in Suriname is employment and the lack of skilled labor. How is Staatsolie addressing this for future projects?
The core of the oil and gas industry is not labor-intensive. Most jobs will be in the spin-off, namely logistics, infrastructure, and services. . Currently, only 7% of our workforce holds a bachelor’s degree or higher. Suriname needs an even more qualified and educated workforce. In addition to tailoring education and training to the needs, encouraging Surinamese professionals abroad, particularly in the Netherlands, to return could help. Also, foreign labor might be necessary as the sector expands, similar to the situation in the UAE.
Does Staatsolie offer any training programs or courses?
We offer multiple programs. For instance, the Blue Wave Supplier Development Program , in collaboration with our international partners Chevron, TotalEnergies en Petrochina, which helps small and medium-sized enterprises (SMEs) to meet international standards, and thereby improve their competitive position. In this way, they can participate in tenders. We also provide training programs to up-skill local talent in areas relevant to the oil and gas industry.
We are also working with educational institutions in Suriname to develop specialized training courses that align with industry needs.
Given the major offshore oil discoveries, how is Staatsolie preparing for Suriname’s transition into a significant energy-producing nation?
Preparation is key. Staatsolie has been actively working with the government to create the right regulatory and fiscal environment for offshore oil development. We have also been studying the experiences of countries like Guyana, Trinidad and Tobago, and Norway to learn best practices. Our goal is to ensure that Suriname maximizes its benefits from oil revenues while maintaining financial stability.
What are some of the biggest challenges Staatsolie faces in this transition?
One of the major challenges is ensuring that we have the right infrastructure in place. Developing an offshore industry requires deepwater ports, service bases, and efficient logistics. We also need to attract investment for these projects. Additionally, managing expectations is critical—many people believe oil wealth will immediately transform the economy, but it takes time and strategic planning to see the full benefits.
Where do you see Staatsolie in the next decade?
In ten years, Staatsolie will be a key player in the offshore sector, managing significant oil production while expanding into renewable energy. We aim to be a leader in sustainability and innovation in the region, ensuring that Suriname benefits from its natural resources for generations to come.
A final message for Newsweek readers considering Suriname as a potential investment destination?
Suriname stands at the beginning of an incredible transformation. With our offshore oil developments, we have the opportunity to create long-term prosperity for our people. However, it’s important to recognize that oil alone won’t build a nation—we must invest wisely in infrastructure, education, and diversification to ensure that this wealth benefits future generations.
To investors, I say: Suriname is open for business. We have a stable regulatory framework, promising oil and gas prospects, and a government that understands the importance of sustainable development. Now is the time to be part of this journey.
To the people of Suriname, I say: Staatsolie will do everything possible to ensure that our oil and gas resources are managed responsibly and transparently. It will take all of us—government, businesses, and individuals—to turn this potential into real progress. Let’s build a future we can all be proud of.
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