Suriname NOC raising funds to cover its share of costs of the $12.2B Offshore oil project

(offshore-energy.biz) Suriname’s national oil company (NOC) Staatsolie Maatschappij Suriname (Staatsolie) is taking action to secure the money required to cover its part of the development costs for the first-ever offshore oil field in Suriname, which is operated by France’s energy giant TotalEnergies.

Based on the production sharing contract for Block 58, Staatsolie has the right to participate up to a maximum of 20% when it comes to the development of Suriname’s first oil field project, for which a final investment decision (FID) was disclosed by TotalEnergies and its partner, APA Corporation, in the fourth quarter of 2024.

As a result, the NOC decided to participate in the development and contemplated various options to finance its participation, including a bond issuance in 2025, as the financing requirement was estimated to exceed $1.8 billion. The bond issuance was planned for January 2025 and anticipated to be closed in March.

In line with its plans, Staatsolie launched a new bond on January 31, 2025, to raise at least $250 million and €50 million to support its participation in the development of the GranMorgu offshore oil field in Block 58. The Staatsolie Bond 2025-2033, which is available in both dollars and euros, takes effect on March 23, 2025, and has an eight-year term.

Read full article: https://www.offshore-energy.biz/noc-raising-funds-to-cover-its-share-of-costs-for-totalenergies-led-12-2b-oil-project-off-suriname/