Staatsolie

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.

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

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

• Crude oil production
• Oil refining operations
• Electricity generation services
• Offshore exploration partnerships
• Retail fuel distribution

Headquarters

HQ city

Paramaribo

HQ country

Suriname

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Core 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

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• TotalEnergiesflagshipStrategic or Co-development Partner · 1 October 2024TotalEnergies 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 CorporationcoreStrategic or Co-development Partner · 1 October 2024APA 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)coreStrategic or Co-development PartnerPETRONAS 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 SurinameminorStrategic or Co-development PartnerPetroChina 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.
• QatarEnergyminorStrategic or Co-development PartnerQatarEnergy 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.
• SaipemminorImplementation/ SI/ Consulting PartnerItalian 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 SurinameminorImplementation/ SI/ Consulting PartnerILACO 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)minorStrategic or Co-development PartnerSenegal'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)minorStrategic or Co-development PartnerDiscussions 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 CompanycoreStrategic or Co-development PartnerSubsidiary 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

Broad 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

• YouTubeyoutube.com/channel/UCWB3Ra7gbog5cDrKxwFWG2A
• Facebookfacebook.com/staatsolie
• LinkedInlinkedin.com/company/staatsolie-maatschappij-suriname-n.v

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Staatsolie