PARAMARIBO, Suriname, CMC – The general manager of the state-owned oil company, Staatsolie, Annand Jagesar, says the GranMorgu project in Block 58 is “on schedule and within budget.”
Jagesar said with a current completion rate of 23 per cent, “progress is proceeding according to plan”.
The US$10.5 billion GranMorgu project will use a floating production, storage, and offloading vessel (FPSO) capable of producing up to 220,000 barrels of oil per day. According to current timelines, first oil is expected in mid-2028.
In May this year, Staatsolie announced that it had concluded a US$1.6 billion bank loan with a group of 18 banks and financial institutions to finance its 20 per cent participation in the GranMorgu project in the offshore block 58.
The French-based TotalEnergies is the operator holding a 50 per cent interest in Block 58, alongside APA Corporation.
Jagesar was among a delegation from TotalEnergies, led by its Senior Vice President Americas, Exploration and Production, Javier Rielo, that met with President Jennifer Greelings-Simons to inform her of the project.
President Greelings-Simons said that the oil sector must be a catalyst for broader national development.
“We must already look ahead – what demand will arise from the oil industry for food, services, and logistics? Agriculture, tourism, and other sectors must benefit from the outset.
“We need to map out now how much demand will arise for food and other services from the oil industry so that we can respond to that,” she added.
Jagesar, in endorsing the statement, said, “We cannot wait until the first oil flows. We need to strengthen agriculture and vocational training now”.
He warned that only seven per cent of the working population has a higher professional education, noting that “in developed countries, that percentage is much higher. So we need to accelerate the development of our people”.
The Staatsolie senior official said people from disadvantaged neighborhoods can be trained as welders through a special project through the Labor Mobilization & Development Foundation (SAO), allowing them to find work in the local community.
Jagesar said in the area of local content, “Two Surinamese ports are involved in the execution of the work, and several local companies are already participating in the preparations. “Compared to Guyana, Surinamese companies are currently even a step ahead,” Jagesar said.
and then 