On Friday, May 15, 2026, the shareholders of Staatsolie Maatschappij Suriname N.V. (Staatsolie) approved the Company’s financial statements for the 2025 financial year at the Annual General Meeting of Shareholders (AGM). Staatsolie contributed a total of US$ 400 million to the State of Suriname.
Together with its subsidiaries Staatsolie Power Company Suriname N.V. (SPCS) and GOw2, Staatsolie generated total revenues of US$ 832 million in 2025. Profit before tax amounted to US$ 444 million. Contributions to the State of Suriname totaled US$ 400 million, consisting of taxes, dividends, and royalties from gold mining participations. This represents approximately 30 percent of total government revenues, reaffirming Staatsolie’s significant contribution to the Surinamese economy.
Among those present at the AGM were President Jennifer Geerlings-Simons, representing the shareholder, and several ministers. During the meeting, the Managing Board presented the results for 2025 and the outlook for the coming period.
Production and energy supply maintained
Onshore oil production reached 6.35 million barrels, slightly below the 6.41 million barrels produced in 2024, but in line with the annual target of six million barrels. Through continuous improvements in technology and operations, production levels were maintained despite the natural decline of the existing fields.
The Staatsolie refinery produced 3.15 million barrels of diesel and gasoline (2.9 million barrels in 2024). In 2025, the first commercial production of sulfuric acid was realized, marking the introduction of a new product for Staatsolie.
SPCS generated 1.46 million megawatt hours (MWh) of electricity through a combination of hydropower and thermal generation. This accounted for 69 percent of the electricity demand in Paramaribo and surrounding districts (the EPAR network). Revenues from gold also supported stable financial results in a year with relatively lower oil prices.
Key milestones offshore
The 2025 financial year was also marked by further progress on Suriname’s first offshore oil development: the GranMorgu project in Block 58. The project is progressing as planned, with first oil still expected in 2028. Construction of the Floating Production, Storage and Offloading (FPSO) vessel is approximately 50 percent complete and is being carried out at various shipyards in China and Malaysia. Preparations for other key project components, both in Suriname and abroad, are also on schedule.
In addition, the commerciality of the Sloanea-1 gas discovery in Block 52 was declared in 2025. This is an important step towards Suriname’s first offshore gas project, for which the final investment decision is expected in 2026.
Investor confidence
To finance its 20 percent participation in the GranMorgu project, Staatsolie successfully raised US$ 516 million through a bond issuance in 2025 and secured a US$ 1.6 billion loan from a group of international and local banks and financial institutions. This successful financing reflects the strong confidence of both local and international investors in Staatsolie and its future strategy.
Creating societal value
In addition to its contribution to the state treasury, Staatsolie and the Staatsolie Foundation for Community Development jointly invested US$ 2.7 million in social projects in 2025. In celebration of Staatsolie’s 45th anniversary, an additional US$ 3 million has been allocated to projects that contribute to the sustainable development of society.
Looking ahead
Staatsolie looks ahead with confidence and continues to attract international oil and gas companies for exploration in new offshore blocks. Onshore oil production will be maintained at around six million barrels per year through ongoing and new projects. The Company is also working on increasing the capacity of the Brokopondo hydropower plant through a multi-year program, while continuing to explore opportunities in renewable energy.
Managing Director Annand Jagesar stated:
“Staatsolie looks back on a strong year, with stable oil production, solid financial results, and important progress in the development of offshore oil and gas. We thank all stakeholders for their trust and cooperation in 2025.”
President of Suriname, Jennifer Simons, received Staatsolie’s Annual Report 2025 from Rudolf Elias, Chair of the Supervisory Board
Confidence in our own abilities
