PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 31.Jan.2025) — Staatsolie Maatschappij Suriname N.V. launched a new bond to raise at least $250mn and €50mn. Funds from the issuances will be used to support Staatsolie’s participation in the development of the GranMorgu offshore oil field in Block 58.
The official launch of the bond issuance took place on 31 Jan. 2025.
The Staatsolie Bond 2025-2033 is available in both US dollars and Euros, and takes effect on 23 Mar. 2025, and has an 8-year term. The interest rate is set at 7.75% for the US bond and 7.25% for the Euro bond, Staatsolie said 31 Jan. 2025 in an official statement.
Investors can participate from as little as $100 or €100. For larger investors residing in Suriname, Curaçao, or Saint Maarten, a denomination of $30,000 is available.
Subscription period
The subscription period runs from 3 Feb. to 25 Feb. 2025, with allocation on 10 Mar. 2025. Payments can be made from 10-18 Mar. 2025. Subscribing can be done online or at any bank in Suriname. The subscription form and all relevant details can be found at www.staatsolieobligatie.com.
De Surinaamsche Bank (DSB) is the lead arranger for this bond issuance. The bonds will be publicly tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).
Staatsolie’s 20% interest in GranMorgu
As outlined in the production-sharing contract (PSC), Staatsolie will take up to a 20% stake in the GranMorgu project in Block 58.
The total investment for the project is estimated at $12.2bn, with Staatsolie’s share amounting to $2.4bn. The new estimates are down from $13.2bn and $2.6bn, respectively, announced by Staatsolie on 2 Jan. 2025.
RELATED: Staatsolie Eyes Raising $2.6bn to Enter GranMorgu Project
The proceeds from this bond issuance will help Staatsolie finance its portion, reducing the need for bank loans. The company has also set aside cash reserves for the GranMorgu investment.
Another key objective of this bond issuance is to refinance the Staatsolie Bonds 2020-2025 and 2020-2027, which previously raised $195mn to support the 2020-2027 investment program.
Staatsolie contribution to Suriname economy
Over the years, Staatsolie has consistently delivered strong financial and operational performance, playing a vital role in Suriname’s economy, the company said in the statement.
In the past 3 years, Staatsolie’s contribution to the South American country’s gross domestic product (GDP) averaged 9.5%, while its share in government revenues stood at around 32%.
The success of Staatsolie’s past 3 bond issuances “proves that confidence in our own capabilities is the foundation of our strength and stability,” Staatolie said.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.