Suriname, the smallest country in South America by landmass, population, and GDP, is on the cusp of a transformation. With just 634,000 people and an economy of $4.7 billion, the nation is preparing to step into the ranks of emerging oil producers, following in the footsteps of neighboring Guyana.
At the heart of this transition is GranMorgu, a landmark offshore oil development in Block 58, operated by France’s TotalEnergies. The field is expected to deliver 220,000 barrels per day starting in 2028, drawing on estimated reserves of 760 million barrels and backed by more than $10 billion in investment. For Suriname, the implications are enormous: royalties, taxes, and dividends from GranMorgu are projected to total $26 billion, potentially tripling GDP and funding critical infrastructure, education, and healthcare.
Securing a 20% stake in this “basin opener” was pivotal for Staatsolie, Suriname’s state-owned oil company. To finance its share, Staatsolie closed a $1.6 billion syndicated mini-perm loan in May 2025—by far the largest project financing in the country’s history and the transaction that earned it Loan of the Year.
“Any loan of this size is massive, but even more so in our country,” says Annand Jagesar, Staatsolie’s managing director. “It is a huge amount of money, the scale of which can be seen clearly when comparing the $1.6 billion to the size of our economy that has only now passed $4 billion.”
The financing was remarkable not just in size, but also in timing. Negotiations began in late 2024 and closed in the first half of 2025, weeks before Suriname’s general elections that brought President Jennifer Geerlings-Simons to power. “We were able to raise capital in a challenging environment because of our track record and the importance of this project,” Jagesar says.
The deal was coordinated by African Export-Import Bank, Bladex, and Deutsche Bank, with participation from 18 lenders ranging from local and regional institutions to global investment banks. Contributions stretched from as little as $1 million from Guyana Bank for Trade and Industry to $330 million from Deutsche Bank. “Given the scale of the required funds compared to the capacity of the local and regional market, we had to include the international market,” notes Jagesar. “In addition, we wanted to ensure the most competitive and suitable financing structure for Staatsolie.”
The loan was structured under English, New York, and Suriname law, with Mayer Brown and Paul Hastings advising on documentation and hedging. A mix of corporate and project finance techniques—including oil and gold hedging, cash sweep mechanisms, and an accordion facility—were deployed to mitigate risks prior to first oil.
The financing “sets a new benchmark in regional energy finance, bothy for its scale and complexity as well as for its alignment with national development goals, regional energy security and responsible energy transition technologies. The floating production, storage and offloading unit (FPSO), modeled on proven Guyanese designs, will be all-electric, allow zero routine flaring, and enable future satellite connections to extend production life.
For Suriname, the broader impact extends well beyond Block 58. Offshore exploration is active across 22 shallow and deepwater blocks, with the next big decision pending on Block 52, operated by Malaysia’s Petronas. Jagesar underscores the importance of Staatsolie’s position: “Every oil and gas company aims to increase its reserves and production. In addition, we have a key objective to further specialize in the offshore business, which is new to us, to become an offshore operator in the future as well.”
GranMorgu is expected to generate more than 6,000 direct and indirect jobs, strengthen regional energy security, and position Suriname as a reliable, responsible oil producer. As Jagesar concludes: “This is a very important moment for Suriname and we would not want to miss that and are proud to contribute with this financing to the realization of this basin opener.”
Loan of the Year
Block 58 GranMorgu Oil Project
$1.6 billion mini-perm loan; $125 million letter of credit
Sponsors: Staatsolie Maatschappij Suriname N.V. (Staatsolie) Guarantor: Staatsolie Offshore 1 N.V.
Mandated Lead Arrangers: African Export-Import Bank (“Afrexim Bank”); Banco Latinamericano de Comercio Exterior (“Bladex”); Deutsche Bank
Administrative Agent: GLAS USA
Sponsor’s Counsel: Advocatenkantoor Lim A Po; Paul Hastings
Lenders’ Counsel: Essed & Sohansingh; Mayer Brown
Financial Advisor: Perella Weinberg
All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.com