Staatsolie: what the company does and how to do business with it
Staatsolie Maatschappij Suriname N.V. is the state oil company and by far the largest contributor to the treasury: in 2025 about 30% of all government revenue came from Staatsolie. The company produces oil onshore in Saramacca, refines it at Tout Lui Faut, supplies most of the power for Paramaribo and the surrounding districts through its subsidiary SPCS, sells fuel through GOw2 and takes the state's share in the offshore oil and gas projects. Through the Staatsolie Hydrocarbon Institute it also manages the contracts with the international oil companies. Below: how the company is organised, its figures, bonds and shares, and how to become a supplier or employee.
On this page (10)
- Founded in 1980, 100% owned by the state. No shares are for sale; bonds are, and they trade on the exchange.
- Four businesses: onshore oil (Saramacca), the Tout Lui Faut refinery, power (SPCS: Afobaka hydropower and a thermal plant) and fuel retail (GOw2, 53% market share).
- Offshore, Staatsolie takes up to 20% of developments. For GranMorgu that is about USD 2.4 billion, paid with a USD 516 million bond, a USD 1.6 billion bank loan and its own cash. Block 52 (gas) is next.
- In 2025: revenue USD 832 million, profit after tax USD 297 million, paid to the state USD 400 million.
- Supplying Staatsolie goes through SAP Ariba and invitations (EOIs) on its website; for the offshore operators you register in the SSRP.
- Job applications only through the online job database.
Who Staatsolie is
Staatsolie was founded on 13 December 1980 so that Suriname would not have to leave its oil to foreign companies. Commercial production started in the Tambaredjo field in Saramacca in 1982, at 200 barrels a day. Today it is an integrated energy company with more than 1,100 employees. The sole shareholder is the State of Suriname, represented by the President. There is a Supervisory Board (chair Rudolf Elias) and since 2025 an Executive Committee led by Managing Director Annand Jagesar.
Staatsolie wears two hats. It is a commercial company that produces, refines and sells oil, and it performs an institutional role for the state: it concludes and manages the production sharing contracts (PSCs) with international oil companies. That role sits with its subsidiary Staatsolie Hydrocarbon Institute (SHI), which manages 18 PSCs, offers new offshore acreage through the Open-Door Offering (since November 2025) and runs the SSRP supplier portal. The dual role is debated: critics want SHI separated from Staatsolie and the contracts published, for example. More on the rules: Oil and gas law.
What Staatsolie does
| Business | What | 2025 figures |
|---|---|---|
| Onshore oil (Saramacca) | Production from the Tambaredjo, Tambaredjo Northwest and Calcutta fields; polymer injection to recover more oil from the mature fields | 6.35 million barrels (about 17,400 a day); proven reserves 106.9 million barrels; natural decline about 10% a year |
| Tout Lui Faut refinery (Wanica) | 15,000 barrels a day since the 2015 expansion: ultra-low-sulphur diesel and gasoline, fuel oil, bitumen and since 2025 sulphuric acid | 3.15 million barrels of diesel and gasoline; more than 140,000 barrels of diesel sold as bunker fuel to the offshore operators |
| Power: Staatsolie Power Company Suriname (SPCS) | Afobaka hydropower plant (189 MW) in Brokopondo and a thermal plant (96 MW) in Wanica; the state buys the power for the grid | 69% of power demand in Paramaribo and surroundings; no blackouts caused by SPCS |
| Fuel retail: GOw2 Energy Suriname | Service stations, lubricants and Jet A-1 for aviation; created from the acquisition of Chevron/Texaco in 2011 | 53% market share |
| Offshore: Staatsolie Offshore 1 and Paradise Oil Company | 20% of GranMorgu (Block 58); Paradise Oil holds 20% of Blocks 52 and 66, 30% of Block 9 and 10% of Block 10 | GranMorgu production vessel half built, first oil 2028 |
| Staatsolie Hydrocarbon Institute (SHI) | Managing the PSCs, promoting offshore acreage, geological data, the SSRP supplier portal | Four new PSCs signed in 2025 (Blocks 9, 10, 52 for Paradise Oil, 66) |
| Gold | 25% of the Merian mine with Newmont and 30% of Pikin Saramacca with Rosebel | Profit before tax: Merian USD 84 m, Pikin Saramacca USD 108 m (Staatsolie's share) |
Staatsolie also wants to build a 25 to 30 megawatt-peak solar park in Saramacca. The site has been surveyed; construction depends on a power purchase agreement with EBS. Pump prices, including GOw2's, are on Fuel prices today.
The figures
| Amount (USD million) | 2025 | 2024 |
|---|---|---|
| Revenue (consolidated) | 832 | 735 |
| EBITDA | 633 | 604 |
| Profit before tax | 444 | 430 |
| Profit after tax | 297 | 291 |
| Paid to the state (tax, dividend, gold royalties) | 400 | 384 |
| Dividend paid | 120 | 109 |
| Local purchasing by Staatsolie | 107 | - |
The USD 400 million contribution is about 8% of GDP and 30% of all government revenue. It includes USD 26 million in gold royalties that Newmont and Zijin pay to the state on Staatsolie's behalf. How the state plans to handle future oil revenue: Oil money and business.
GranMorgu: the 20% and how it is paid for
Staatsolie may take up to 20% of every offshore development. For GranMorgu in Block 58 it did so through its subsidiary Staatsolie Offshore 1, effective 30 September 2024. The partners are TotalEnergies (operator, 40%) and APA Corporation (40%). Of a total investment of about USD 12 billion (the 2026 estimate; at the 2024 investment decision it was USD 10.5 billion), Staatsolie's share is about USD 2.4 billion. Staatsolie pays for it with:
- the 2025-2033 bond, which raised USD 515.8 million, more than USD 211 million above its USD 304.1 million target;
- a USD 1.6 billion syndicated loan from 18 banks and financial institutions;
- its own cash reserves and cash flow from the existing businesses.
| Year | Existing business | GranMorgu | Total |
|---|---|---|---|
| 2025 | 99 | 499 | 598 |
| 2026 | 92 | 437 | 529 |
| 2027 | 138 | 591 | 729 |
| 2028 | 167 | 482 | 649 |
| 2029 | 137 | 200 | 337 |
| 2030-2034 | 499 | 20 | 519 |
| Total | 1,132 | 2,229 | 3,361 |
Staatsolie investment programme, in USD million (2025 annual report).
The next step is the gas development around the Sloanea field in Block 52, operated by Petronas. Staatsolie is framing a financing strategy for its share and expected an investment decision in 2026, with possible first gas in 2030. More on the project and the blocks: GranMorgu project and Oil blocks and concessions.
Shares and bonds
Shares: not for sale
All Staatsolie shares are held by the State of Suriname. The shares are not listed and individuals cannot buy them. Reports about "Staatsolie shares" are usually about the bonds, or about plans to let citizens share in oil revenue, which is something else (see Oil money and business).
The 2025-2033 bond
A bond is a loan to Staatsolie: you receive fixed interest and your money back at the end. On 23 March 2025 Staatsolie issued its fourth bond. Subscription ran in February 2025 through DSB (arranger) and almost all Surinamese banks, and in Curaçao through a few banks and brokers. Subscription has closed, but the bonds trade.
| Feature | 2025-2033 bond |
|---|---|
| Raised | USD 468.7 million and EUR 43.5 million, together USD 515.8 million |
| Interest | 7.75% a year (USD), 7.25% a year (EUR), fixed |
| Interest payments | Twice a year, in March and September |
| Term | 8 years, repaid on 23 March 2033 |
| Classes | A1 from USD 100 and A2 from EUR 100 (Suriname residents with a local account); B from USD 30,000 (residents of Suriname, Curaçao or Sint Maarten) |
| Listing | Suriname Stock Exchange and Dutch Caribbean Securities Exchange |
| Buying or selling | Through a securities broker: class A through DSB or a Suriname Stock Exchange broker, only for residents with a USD or EUR account; class B also internationally through DCSX brokers. DSB: effecten@dsb.sr, 471100 |
| Custody fee | DSB charges 0.15% a year of the nominal value plus 10% VAT, minimum 1 and maximum 300 (USD or EUR) |
Earlier bonds. In 2020 Staatsolie issued its first internationally listed bond. The 2020-2025 and 2020-2027 bonds totalled USD 195 million; more than 70% of holders exchanged into the new bond in 2025. The 2020-2025 series was repaid in September 2025; holders of about USD 55 million kept their old bonds.
A new issue? On 26 October 2026 no new bond had been announced. Staatsolie writes that it is framing a financing strategy for its participation in Block 52 and intends to keep the same approach, so a new issue is conceivable but not confirmed. Any announcement comes through Staatsolie and the banks.
Risk. This is not investment advice. The price of a listed bond can rise or fall, you cannot always sell straight away, and you carry the risk that the issuer does not meet its obligations. Spread your money and read the prospectus.
Doing business with Staatsolie
Staatsolie bought USD 107 million locally in 2025; the offshore partners and their subcontractors about another USD 260 million. How to get in:
- Get your company in order. KKF registration, tax number, VAT where needed, licences and sound books.
- Register in SAP Ariba to supply Staatsolie itself, and in the SSRP for the offshore operators and their contractors.
- Read the rules: the general procurement terms (July 2024), the code of conduct and the invoicing instructions. Suppliers are part of the "extended enterprise" and must follow the code.
- Watch the invitations. Staatsolie posts expressions of interest (EOIs) on its website, often with only two weeks to respond. We collect them under Tenders.
- Respond completely: with the job number, company profile, KKF extract, references and any certificates asked. A shortlist and a request for proposal follow.
In 2025 Staatsolie started a project to simplify purchasing and cut the number of purchase orders. To prepare your company for the sector, the Blue Wave programme is the route: 57 Surinamese companies graduated in 2025, 115 have been trained in total. Everything on registration, EOIs and local content is in Become an oil and gas supplier.
Working at Staatsolie
Staatsolie only accepts applications through the online job database on staatsolie.com; with an account you get alerts for new vacancies. Recruitment consists of screening, interviews, an assessment and a medical. Salary is discussed during recruitment. Internships (three to six months) are requested at Stage@staatsolie.com; holiday jobs run through schools Staatsolie selects. In 2025 Staatsolie placed 134 holiday workers and 87 NATIN interns. Everything on jobs across the sector: Oil and gas jobs.
Contact
| Location | Address | Phone |
|---|---|---|
| Head office | Dr. Ir. H.S. Adhinstraat 21, Paramaribo (PO Box 4069) | +597 499649, info@staatsolie.com |
| Tout Lui Faut refinery | Sir Winston Churchillweg 309, Wanica | +597 480501 |
| Saramacca operations | Gangaram Pandayweg km 5,5, Saramacca | +597 375222 |
| GOw2 Energy Suriname | Van 't Hogerhuysstraat 27A, Paramaribo | +597 403111, customer service ext. 1 or 890 9234 |
| Staatsolie Power Company Suriname | Sir Winston Churchillweg 309D, Wanica | +597 485163 |
Staatsolie's contact form is not for job applications; they are not processed there.
Sources
- Staatsolie: Annual Report 2025 (figures, subsidiaries, investment programme, bonds)
- Staatsolie: 2025 financial statements approved, USD 400 million to the state (15 May 2026)
- Staatsolie: Sustainability Report 2025
- Staatsolie: bond raises USD 211.7 million above target (March 2025)
- Staatsolie Bond 2025: classes, interest, trading and custody fee
- Oil & Gas Journal: refinery expanded to 15,000 barrels a day (January 2016)
- Staatsolie: contact
- Staatsolie: careers FAQ
- Staatsolie: procurement opportunities (EOIs)
- Staatsolie: local content, SSRP and Ariba
- GFC Nieuws: opinion piece on Staatsolie's dual role (26 October 2026)
Checked on 26 October 2026. General information, not investment advice. Figures are from the Staatsolie 2025 annual report.
Frequently asked questions
Can I buy Staatsolie shares?
No. All shares in Staatsolie Maatschappij Suriname N.V. are held by the State of Suriname, represented by the President. No shares are for sale. You can, however, buy and sell Staatsolie bonds through a securities broker.
How can I still buy a Staatsolie bond?
Subscription to the 2025-2033 bond has closed, but the bonds are listed on the Suriname Stock Exchange and the Dutch Caribbean Securities Exchange. You buy them through a securities broker, for example DSB (effecten@dsb.sr, 471100). Class A can only be traded by Suriname residents with a USD or EUR account.
What interest does the 2025-2033 Staatsolie bond pay?
7.75% a year on the dollar classes and 7.25% on the euro class, paid twice a year in March and September. The bond matures on 23 March 2033. This is not investment advice: the price can move and you carry the issuer's risk.
Is a new Staatsolie bond coming?
On 26 October 2026 no new issue had been announced. In its 2025 annual report Staatsolie says it is framing a financing strategy for its share in the Block 52 gas development and intends to keep the same funding approach.
How much does Staatsolie contribute to the state?
In 2025, USD 400 million in taxes, dividends and gold royalties, about 30% of all government revenue and around 8% of GDP. In 2024 it was USD 384 million.
How do I become a Staatsolie supplier?
Register in SAP Ariba to supply Staatsolie itself and in the SSRP for the offshore operators. Staatsolie publishes expressions of interest (EOIs) on its website; we also collect them under tenders. Read the general procurement terms and the code of conduct.
How do I apply for a job at Staatsolie?
Only through the online job database on staatsolie.com. Applications by email or on paper are not processed. For an internship, email Stage@staatsolie.com.
What is the difference between Staatsolie and GOw2?
GOw2 Energy Suriname N.V. is a wholly owned Staatsolie subsidiary that sells fuel and lubricants through service stations. In 2025 GOw2 had a 53% share of Suriname's fuel retail market.