Suriname's Energy Industry

Suriname: rich oil prospects

Suriname has emerged in recent years as one of the most promising new oil and gas provinces globally. South America’s smallest country by both size and population has recorded a string of discoveries offshore.

Suriname’s current oil output is dominated by state-owned Staatsolie‘s onshore developments. As of end-2024, the company was producing around 13,000 bopd. The country’s energy landscape, however, is poised for a step-change following a series of commercial offshore discoveries made from late 2019 onwards.

Following the “Malaysian model,” Staatsolie functions as both the national energy company and the regulator, combining responsibilities that in many countries sit with an energy ministry. As regulator, its stated objective is to keep as much acreage as possible under contract with international partners. As an operator, Staatsolie is active across exploration and production, refining, marketing, transportation and product sales, and it remains a major contributor to Suriname’s power supply.

Suriname’s flagship hydrocarbons play is Block 58, developed by TotalEnergies and APA under a 2019 joint-venture agreement, with each holding 50% and TotalEnergies serving as operator. The partners took final investment decision in October 2024 for the GranMorgu development, anchored by the Sapakara and Krabdagu discoveries, with recoverable resources estimated at around 700 million barrels. Production is expected to start in 2028, with plateau output targeted at roughly 200,000 bopd, a game-changing volume more than 10 times Suriname’s current production.

The government’s strategy for monetising these resources centres on developing offshore projects with a comparatively low carbon footprint and using future revenues to strengthen public finances, address debt pressures and support longer-term energy transition priorities.