Staatsolie

Staatsolie Maatschappij Suriname was established in 1980 to ensure a strong national role in the country’s energy developments. The company engages in oil and gas exploration and production, as well as the refining, marketing, transportation and sale of oil products and the production of electricity. It has produced heavy crude onshore for 40 years.

Mandate: Suriname follows the Malaysian model, in which a State firm acts as both national energy company and regulator, covering the responsibilities typically held by an energy ministry. Thus, Staatsolie’s mandate involves regulation and promotion of Suriname’s oil developments, as well as its own production.

Oil production: Staatsolie has produced heavy crude oil onshore in the district of Saramacca for 40 years. Its production chiefly takes place at the Tambaredjo, Calcutta and Tambaredjo-Northwest fields.

Refining: The company’s crude output is carried via a 55-kilometre pipeline to the 15,000-bpd Tout Lui Faut refinery, where it is processed into bitumen, premium diesel, premium petrol and fuel oil. Refined products are sold in both Suriname and Caribbean markets.

Power generation: Staatsolie is responsible for around 75% of Suriname’s power generation. The company operates a 96-MW thermal power plant through subsidiary Staatsolie Power Company Suriname. Part of its generated electricity and all of its process steam is used to power the Tout Lui Faut refinery. Since January 2020, the company has also operated the 180-MW Afobaka Dam.

Gold: The company holds a 25% stake in the Merian gold mine, which has been producing since 2016.

Strategy:

• Find new international JV partners and keep as much acreage as possible under contract
• Use coming oil revenues to fund Suriname’s energy transition
• Ensure that while developing its oil and gas resources, the country remains carbon-negative