Fossil Energy – Suriname
Suriname state-owned Staatsolie is courting investment and will launch a bond issuance in January 2025 to fund participation in exploration and development offshore Suriname.
Staatsolie said it intends to participate in the development of Block 58 offshore Suriname along with TotalEnergies and APA Corp and is considering issuing bonds to finance this.
TotalEnergies and its partner APA Corp are expected to announce a final investment decision for Block 58 in Q4 2024. TotalEnergies recently submitted plans for a 32-well development at Krabdagu and Sapakara South on the block.
According to the Production Sharing Contract for Block 58, Staatsolie has the right to participate up to a maximum of 20% in the development of the first oil production field. The company estimates that, with maximum participation, its financing requirement will exceed US$1.8Bn.
Staatsolie has said it is considering cash reserves, bonds, bank loans, partnerships with strategic and/or non-strategic partners, and other financing forms or a combination thereof to fund this participation and will launch a bond issuance in January 2025 to secure the necessary investment capital. The bond issuance will close in March 2025.
