Key facts
- Suriname's GranMorgu oil project is expected to generate $26 billion in fiscal income.
- The GranMorgu project, located in offshore Block 58, is set to come online in 2028.
- TotalEnergies and APA Corporation are developing the GranMorgu project, with Staatsolie also holding a share.
- The project's FPSO vessel will have a capacity of 220,000 barrels per day.
- Petronas has made eight discoveries in offshore Block 52 and plans a final investment decision by the end of 2026.
Suriname is on the verge of becoming a significant oil producer, with the GranMorgu deepwater project in offshore Block 58 set to commence production in 2028. This development is expected to generate approximately $26 billion in fiscal income for the nation, which has been grappling with economic challenges since 2021. The project, operated by TotalEnergies with a 50% stake, and co-owned by APA Corporation, targets an estimated 760 million barrels of recoverable crude oil. Staatsolie, Suriname's state-owned energy company, has acquired a share in the project, financed through a $1.6 billion loan and a planned bond issue.
In parallel, offshore Block 52, operated by Malaysia's Petronas, also shows substantial hydrocarbon potential. Petronas has announced eight discoveries in this block, with a final investment decision anticipated before the end of 2026. ExxonMobil previously held a stake in Block 52 but divested its interest in November 2024. The global energy market, currently experiencing price surges due to Middle East tensions and disputes over the Strait of Hormuz, provides a favorable environment for Suriname's burgeoning oil industry.