Staatsolie
Staatsolie is Suriname's state-owned national oil company, operating the full petroleum value chain — onshore crude production, refining, retail fuel (GOw2), electricity generation, and minority interests in offshore developments led by IOCs including TotalEnergies, APA, Petronas, and PetroChina.
- Company typePrivate
- Founded1980
- HeadquartersParamaribo, Suriname
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Staatsolie does
Staatsolie Maatschappij Suriname N.V. is Suriname's state-owned national oil company, founded on 13 December 1980 and headquartered in Paramaribo. The company operates across the full petroleum value chain, organized into two core asset groups: Upstream (onshore crude oil production from the Tambaredjo, Calcutta, and adjacent fields in Saramacca district yielding approximately 6.35 million barrels in 2025, plus minority participating interests in offshore Blocks 52, 58, 9, 10, 14, and 15 developed by international oil companies) and Downstream (the 8,000 bpd Tout Lui Faut refinery producing diesel, gasoline, and from 2025 sulfuric acid; retail fuel distribution through the GOw2 service station network inherited from Texaco; and electricity generation via the SPCS subsidiary combining the Afobaka hydropower plant and the Tout Lui Faut thermal facility, supplying 69% of EPAR network demand at 1.46 million MWh in 2025). Staatsolie serves as Suriname's sole concessionaire under the 1986 Mining Decree, acting as basin master for international oil companies entering production sharing contracts.
The company's business model rests on four revenue streams: international crude oil export (Saramacca Crude, sold since the first Trinidad and Tobago shipment in 1988), domestic refined product sales through GOw2 and B2B channels, electricity sales to the EPAR grid, and future licensing/royalty-equivalent income from offshore working interests — most prominently the 20% stake in the TotalEnergies-operated GranMorgu project in Block 58 (first oil 2028, 220,000 bpd capacity, 760 million barrels recoverable) and the PETRONAS-operated Sloanea gas development in Block 52. In FY2025, consolidated revenue reached US$832 million with US$444 million in pre-tax profit and US$400 million contributed to the state treasury, equivalent to approximately 30% of Suriname's government revenues. Staatsolie's go-to-market is hybrid: upstream partnerships with IOCs through PSCs for offshore acreage (supported by roadshows in Houston, Caribbean Energy Week, SEOGS, and the Open-Door Offering), and downstream direct-to-consumer retail plus B2B sales for refined products and electricity within Suriname's domestic market.
Staatsolie firmographics
Firmographics- Name
- Staatsolie
- Legal name
- Staatsolie Maatschappij Suriname N.V.
- Website
- https://staatsolie.com
- Company type
- Private
- Founded year
- 1980
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Staatsolie is Suriname's state-owned national oil company, operating the full petroleum value chain — onshore crude production, refining, retail fuel (GOw2), electricity generation, and minority interests in offshore developments led by IOCs including TotalEnergies, APA, Petronas, and PetroChina.
- Ownership category
- akta.pro rank
Staatsolie industry classification
Industry- Product category
- Oil and Gas (Integrated Upstream and Downstream Operations)
- NAICS
- Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Petroleum Refineries (32411), Support Activities for Oil and Gas Operations (213112)
- SIC
- Crude Petroleum & Natural Gas (1311), Petroleum Refining (2911)
- akta.pro primary industry
- Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)
- akta.pro secondary industries
- Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Well Completions & Stimulation (Hydraulic Fracturing, Sand Control) (EUALAAAE), Well Intervention, Workover & Integrity Management (EUALAAAJ), Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH)
Keywords
Where Staatsolie is headquartered
LocationHeadquarters
- HQ city
- Paramaribo
- HQ country
- Suriname
Offices6 records
Markets served
Staatsolie business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D
Revenue model
- Upstream Oil Production: Staatsolie generates revenue from onshore crude oil production from the Tambaredjo, Calcutta, and other fields in Saramacca district, producing approximately 6.35 million barrels annually. The company also holds participation interests in offshore blocks developed by international oil companies.
- Downstream Refining and Marketing: Revenue from refinery operations producing diesel and gasoline (3.15 million barrels in 2025), and retail fuel distribution through GOw2 service station network. New product line includes sulfuric acid commercial production.
- Electricity Generation: Staatsolie Power Company Suriname (SPCS) generates electricity through hydropower (Afobaka) and thermal generation (Tout Lui Faut), supplying approximately 69% of electricity demand in the EPAR network covering Paramaribo and surrounding districts.
- Offshore Block Participation: Staatsolie holds working interests in offshore oil and gas developments including 20% stake in GranMorgu (Block 58) and participates in Block 52 gas development through Petronas partnership, generating revenue from future production.
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Staatsolie product offering
Product offeringCore offering
Staatsolie is Suriname's national oil company engaged in exploration, drilling, production, refining, marketing, sales, and transport of crude and refined petroleum products, as well as electricity generation. Upstream operations include onshore crude oil production from Saramarca fields (~6.35 million barrels in 2025) and offshore participation in Block 58 (GranMorgu, 20%) and Block 52 (Sloanea gas). Downstream operations include the Tout Lui Faut refinery producing diesel, gasoline, and sulfuric acid, retail fuel distribution through the GOw2 service station network, and electricity generation through subsidiary SPCS combining hydropower and thermal assets.
Product overview
Staatsolie Maatschappij Suriname N.V. is Suriname's national oil and gas company operating across the energy value chain through two primary assets: Upstream and Downstream. Upstream operations include onshore crude oil production (approximately 6.35 million barrels annually from fields in Saramacca) and offshore oil and gas development including the GranMorgu project in Block 58 (20% Staatsolie stake, operated by TotalEnergies) and the Sloanea gas field in Block 52 (Petronas-operated). Downstream operations encompass refining at the Tout Lui Faut refinery producing diesel, gasoline, and sulfuric acid (new in 2025), as well as retail fuel distribution through the GOw2 brand. Electricity generation is handled by subsidiary SPCS combining hydropower and thermal power. The company also maintains gold mining participations.
Differentiator
Problem solved
Functional benefit
Products and services
- Crude Oil Production
- Refined Petroleum Products (Diesel and Gasoline)
- Sulfuric Acid
- Electricity Generation
- GOw2 Fuel Products
- SO-1500 (Staatsolie-1500)
Quantifiable outcome
- Contributes approximately 30% of Suriname's government revenues
- +2 more outcomes
Companies that use Staatsolie
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Staatsolie technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Staatsolie partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered flagship, core and minor.
- TotalEnergiesflagshipTotalEnergies leads the $10.5 billion GranMorgu offshore oil development in Block 58 as operator with 40% stake. Staatsolie holds 20% participating interest. Project targets 760 million barrels of oil with 220,000 bpd capacity, first oil expected 2028. APA Corporation holds the remaining 40%. This is Suriname's first major offshore oil development.
- APA CorporationcoreAPA Corporation holds 40% participating interest alongside TotalEnergies (40%) and Staatsolie (20%) in the GranMorgu Block 58 development, contributing to the $10.5 billion investment in Suriname's inaugural large-scale offshore oil project.
- PETRONAS (Petronas)corePETRONAS operates Block 52 with 40% stake, leading development of the Sloanea gas discovery declared commercial in late 2025. Final investment decision targeted for 2026 with first gas expected around 2030. Eight discoveries on the block contain more than one billion barrels of oil equivalent. Staatsolie participates through its subsidiary Paradise Oil Company.
- PetroChina Investment SurinameminorPetroChina signed production sharing contracts for Blocks 14 and 15 in September 2024 through competitive bidding. Staatsolie holds 30% interest through its subsidiary Paradise Oil Company. PetroChina is defining well locations for drilling operations planned to begin in 2027.
- QatarEnergyminorQatarEnergy signed production sharing contracts for Blocks 9 and 10 in November 2025, expanding its portfolio to seven offshore blocks in Suriname. Partnerships include PETRONAS Suriname, Chevron, and Staatsolie's affiliate Paradise Oil Company.
- SaipemminorItalian contractor Saipem is executing offshore SURF (subsea umbilicals, risers, flowlines) work for the GranMorgu project using Normand Navigator vessel. Installation at water depths of 100-1,100 meters in Block 58, approximately 150km offshore.
- ILACO SurinameminorILACO Suriname N.V. appointed to conduct Limited Environmental Impact Assessment (MEA) and Environmental Impact Assessment (EIA) studies for seismic surveys in shallow offshore and Demerara deepwater areas, covering approximately 52,400 km² and 20,000 km² respectively.
- Petrosen E&P (Senegal)minorSenegal's state energy company sending technical delegation to Caribbean Energy Week 2026 to share insights on seismic interpretation, exploration data management, and subsurface evaluation drawn from offshore successes including Sangomar and Greater Tortue Ahmeyim LNG project.
- ExxonMobil (Guyana)minorDiscussions on collaborative pipeline project to transport offshore gas between Guyana and Suriname, aiming to boost regional energy profiles as part of broader 'energy corridor' with French Guiana and Brazil.
- Paradise Oil CompanycoreSubsidiary of Staatsolie holding 30% interest in Blocks 14 and 15 (with PetroChina) and various other offshore participations. Serves as the international-facing arm for production sharing contracts.
Scale indicators16 records
Recent moves6 records
Expansion highlights6 records
Staatsolie competitors and assessment
Company assessmentBroad incumbents
- Petróleos Mexicanos (Pemex): Mexico's much larger integrated state oil company with upstream, refining (including Dos Bocas), and retail operations. Provides a benchmark for the structural challenges and political dynamics of state-owned integrated NOCs.
- PDVSA (Petróleos de Venezuela): Venezuela's integrated state oil company historically operating one of the world's largest reserve bases. Provides a cautionary reference point for political/sanctions risk exposure of Latin American NOCs.
- Petrobras: Brazil's much larger integrated state oil company operating deepwater production, refining, and fuel distribution. Most relevant regional comparator for offshore upstream development partnerships and South American NOC governance.
- Petronas (Petroliam Nasional Berhad): Malaysia's integrated NOC operating upstream, LNG, refining, and petrochemicals globally. Direct partner with Staatsolie in Block 52 and provides a model for how a mid-sized state oil company can scale internationally through partnerships.
Others
- TotalEnergies SE: French supermajor operating the GranMorgu Block 58 development with 40% interest. While not a peer in size, TotalEnergies is the key operator whose decisions drive Staatsolie's largest growth project.
- QatarEnergy: State-owned integrated energy company of Qatar that recently signed production sharing contracts with Staatsolie for Blocks 9 and 10 offshore. Relevant as a strategic partner and IOC counterpart rather than a direct competitor.
Direct peers
- Ecopetrol S.A. Colombia's integrated national oil and gas company with upstream, midstream, refining, and renewable energy operations. Comparable integrated NOC operating in a single-country South American context with state ownership.
- Petrotrin / Heritage Petroleum Company Limited: Trinidad and Tobago's state-owned integrated oil company, similarly operating onshore production, refining, and retail distribution in a small Caribbean economy. Closest comparable in scale, business model, and regional context to Staatsolie.
- YPF Sociedad Anónima: Argentina's integrated national oil company with upstream production (including Vaca Muerta unconventional), refining, and fuel retail. Comparable integrated NOC model and recently nationalized ownership structure to Staatsolie.
- Sonangol E.P. Angola's state-owned national oil company operating upstream production and IOC partnerships. Comparable as an African/Latin NOC of similar mid-tier scale that partners with IOCs and holds carried interests in offshore developments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Staatsolie social profiles
Digital presenceStaatsolie financial estimates
Financial estimateRevenue estimate
Valuation estimate
Staatsolie leadership team
Management profileNumber of profiles
Profiles7 records
Staatsolie subsidiaries and ownership
Company hierarchySubsidiaries5 records
Staatsolie funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Staatsolie M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Staatsolie
What does Staatsolie do?
Staatsolie is Suriname's national oil company engaged in exploration, drilling, production, refining, marketing, sales, and transport of crude and refined petroleum products, as well as electricity generation. Upstream operations include onshore crude oil production from Saramarca fields (~6.35 million barrels in 2025) and offshore participation in Block 58 (GranMorgu, 20%) and Block 52 (Sloanea gas). Downstream operations include the Tout Lui Faut refinery producing diesel, gasoline, and sulfuric acid, retail fuel distribution through the GOw2 service station network, and electricity generation through subsidiary SPCS combining hydropower and thermal assets.
Is Staatsolie a public or private company?
Staatsolie is a private company. It is classified as state government owned and is currently operating.
When was Staatsolie founded?
Staatsolie was founded in 1980. It employs 501 to 1,000 people.
Where is Staatsolie based?
Staatsolie is headquartered in Paramaribo, Suriname.
How does Staatsolie make money?
Four revenue lines are on record. Upstream Oil Production is the primary driver. The others are downstream Refining and Marketing, electricity Generation and offshore Block Participation.
Who are Staatsolie's main competitors?
Broad incumbents on record are Petróleos Mexicanos (Pemex), PDVSA (Petróleos de Venezuela), Petrobras and Petronas (Petroliam Nasional Berhad). Others are TotalEnergies SE and QatarEnergy. Direct peers are Ecopetrol S.A., Petrotrin / Heritage Petroleum Company Limited, YPF Sociedad Anónima and Sonangol E.P..
Does Staatsolie have an API?
No public API is recorded for Staatsolie.
What industry is Staatsolie in?
Staatsolie's product category is Oil and Gas (Integrated Upstream and Downstream Operations). Its primary akta.pro industry code is EUALAAAF, Production Operations & Well Optimization (Artificial Lift, Flow Assurance), with a secondary code of EUALAAAD, Drilling & Well Construction (E&P Operator-led). Its NAICS code is 2111 and its SIC code is 1311.