PARAMARIBO – The Surinamese state oil company Staatsolie has secured a $1.6 billion loan from a consortium of international, regional, and local financial institutions to fund its 20 percent stake in the GranMorgu offshore energy project. The financing will also be used to repay an existing $130 million debt. 

GranMorgu is Suriname’s first major offshore oil venture and is expected to play a transformative role in the country's ambitions to become a leading oil producer in the region. The project is located approximately 150 kilometers off the Surinamese coast and is being developed in partnership with French energy giant TotalEnergies, which is leading the operations. 

The recent oil discoveries in Suriname’s waters have catapulted the country into the international spotlight. In March, the project attracted the attention of U.S. Secretary of State Marco Rubio, who visited the country to discuss energy cooperation. 

With a population of just over 600,000 people and a gross domestic product of under $4 billion, Suriname’s economy stands to be transformed by its emerging oil industry. Estimates suggest that the GranMorgu oil reserves could generate between $15 billion and $40 billion in revenue for the country over time. 

The loan marks a significant milestone in Suriname’s path toward economic development and energy independence, as the nation positions itself as a key player in offshore oil production in the Western Hemisphere.