Staatsolie Maatschappij Suriname
Suriname's wholly state-owned oil, energy and gold company.
Last updated August 26, 2026
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Overview
Staatsolie Maatschappij Suriname, commonly known as Staatsolie, is Suriname's national oil company and a wholly state-owned enterprise. It was created on 13 December 1980 to implement the country's oil policy through exploration, drilling, production, processing and marketing rather than transferring control of Suriname's petroleum resources to multinational operators. The company grew from a small onshore oil producer into an integrated energy group with activities spanning crude-oil extraction, refining, fuel marketing, power generation, offshore petroleum participation and gold mining interests. The origins of Suriname's oil industry date to the discovery of oil at Calcutta in the Saramacca district in 1965. Staatsolie began drilling at Tambaredjo in 1982 and exported its first crude oil to Trinidad and Tobago in 1988. A major turning point came in the 1990s, when the company secured financing and commissioned an industrial refinery. Construction was undertaken by ABB Lummus Global following a 1995 loan arrangement involving ABN AMRO and EFAG. The refinery entered operation in 1997 with an initial production capacity of approximately 8,000 barrels per day, allowing Suriname to process more of its domestic crude and reduce dependence on imported refined products. During the 2000s, Staatsolie expanded its infrastructure and commercial scope. It built a pipeline connecting the Tout Lui Faut production area with Paranam, acquired or developed interests connected with marine bunkering, placed the Calcutta field into production, and established Staatsolie Power Company Suriname to participate in electricity generation. The company also expanded and upgraded its refining operations and acquired Chevron's Surinamese operations in 2011. These developments strengthened Staatsolie's position as a central part of Suriname's fuel, industrial and public-finance infrastructure. Staatsolie diversified beyond petroleum in 2014 by entering the gold sector. It took a 25 percent interest in the Merian gold project and later agreed to participate in the Rosebel-area mining business through a joint venture. Gold therefore became an additional source of revenue and strategic exposure alongside oil production and refining. The company has also pursued offshore exploration partnerships as international interest in the Guyana-Suriname Basin increased. Partnerships and cooperation involving companies such as ExxonMobil, Petronas, Chevron and TotalEnergies have placed Staatsolie at the intersection of national resource ownership and international upstream investment. The company remains strategically important to Suriname because its operations generate fuel, energy infrastructure, foreign-exchange earnings and payments to the state. At the same time, Staatsolie faces the challenges common to national oil companies: managing commodity-price volatility, financing large capital projects, controlling environmental impacts and preparing for a lower-carbon energy system. Company leadership has discussed solar power and broader clean-energy investment as part of a transition intended to reduce emissions while preserving the economic value of the group's existing energy businesses. Staatsolie is therefore positioned not simply as an oil producer, but as a state-controlled natural-resources and energy platform supporting Suriname's industrial development.
History
Suriname's commercial oil story began with the discovery of petroleum at Calcutta in the Saramacca district in 1965. The discovery created the basis for a national debate over how the country's oil resources should be developed and who should control them. On 13 December 1980, the state established Staatsolie Maatschappij Suriname to carry out national oil policy and retain domestic control over exploration, drilling, production and processing. The company started drilling at Tambaredjo on 25 November 1982. Its early operations established an onshore production base and demonstrated that Suriname could develop petroleum resources through a national company. In 1988, Staatsolie exported its first crude oil to Trinidad and Tobago. This marked the transition from exploration and field development to an operating export business. A decisive phase of industrial expansion took place during the 1990s. In February 1995, Staatsolie signed a financing agreement valued at US$36 million with Dutch bank ABN AMRO and Swiss institution EFAG to support refinery construction. ABB Lummus Global was commissioned to build the facility. The refinery became operational in 1997 and initially produced roughly 8,000 barrels of oil per day. Refining allowed Staatsolie to capture more value from domestic crude and provided Suriname with a stronger domestic supply of petroleum products. The company's development continued during the 2000s through transport, production and energy investments. Staatsolie constructed a 22-kilometre pipeline between Tout Lui Faut and Paranam, improving the movement of crude and related materials. In 2004, it became a co-owner of Ventrin Petroleum Company, a Trinidad-based marine-bunkering business. The Calcutta oil field entered production in 2006, and Staatsolie also announced the creation of Staatsolie Power Company Suriname to operate in the electricity sector. Refinery and field improvements continued, and the company acquired Chevron's Surinamese operations in 2011. A significant governance dispute occurred in 1998, when Managing Director Eddie Jharap was dismissed after resisting a proposed sale of Staatsolie to South Korean conglomerate Daewoo. Jharap challenged the dismissal in court, and the court ultimately found the release unfair and reversed it. The episode reflected the strategic importance of ownership and control of the national oil company. In 2014, Staatsolie diversified into gold by announcing a 25 percent participation in the Merian gold project. The company later pursued additional mining exposure through an agreement involving the Rosebel gold mine and new mines, under which it planned to hold 30 percent in a joint venture. Gold production and revenue subsequently became material components of Staatsolie's broader natural-resources portfolio. During the late 2010s and 2020s, Staatsolie operated in a more competitive and internationally connected petroleum environment. ExxonMobil and Petronas reported significant crude-oil discoveries in offshore Block 52 in the Guyana-Suriname Basin, while other international operators pursued exploration and development opportunities. Chevron and Staatsolie expanded cooperation on offshore Block 7 in 2022. TotalEnergies subsequently announced a major offshore drilling and development initiative in Suriname. These projects increased the potential scale of Suriname's petroleum sector while requiring the national company to balance partnerships, public ownership, fiscal expectations and environmental concerns. Staatsolie has also begun to frame its long-term strategy around energy transition. Its leadership has discussed solar projects and cleaner energy as ways to reduce carbon emissions and maintain the company's relevance as the energy system changes. The group remains active in oil production, refining, power and mining, but its future role is increasingly tied to whether it can use resource revenues to support broader, more sustainable energy and economic development in Suriname.
- 2022
Offshore Block 7 cooperation expanded
[1]Staatsolie and Chevron expanded their offshore cooperation through a sharing arrangement for Block 7.
- 2014
Diversification into gold
[1]Staatsolie announced a 25 percent participation in the Merian gold project.
- 2011
Chevron operations acquired
[1]Staatsolie acquired Chevron's operations in Suriname.
- 2006
Calcutta field enters production
[1]The Calcutta oil field was placed into production, expanding the company's domestic upstream base.
- 2004
Entry into marine bunkering
[1]Staatsolie became a co-owner of Ventrin Petroleum Company, a marine-bunkering business based in Trinidad.
- 1997
Tout Lui Faut refinery begins operations
[1]The refinery became operational with initial output of approximately 8,000 barrels per day.
- 1995
Refinery financing secured
[1]Staatsolie signed a US$36 million loan arrangement to help finance construction of an oil refinery.
- 1988
First crude export
[1]The company exported its first crude oil shipment to Trinidad and Tobago.
- 1982
First drilling at Tambaredjo
[1]Staatsolie began its first drilling activity at Tambaredjo on 25 November.
- 1980
Staatsolie established
[1]The Government of Suriname established Staatsolie on 13 December to execute national oil policy and develop the country's petroleum resources.
Products and positioning
A vertically integrated, state-owned Surinamese energy and natural-resources company that combines domestic oil production, refining, power generation, petroleum partnerships and gold investments.
Upstream petroleum · 1982
Crude oil
Staatsolie produces crude oil from onshore Surinamese fields, including the Tambaredjo and Calcutta areas. Domestic production is the foundation of the company's integrated model, supplying feedstock for refining and supporting exports and national energy security.
Oil refining · 1997
Refined petroleum products
Through its Tout Lui Faut refinery, Staatsolie processes domestic crude into petroleum products for Suriname's transport, industrial and commercial markets. Refining reduces the country's reliance on imported finished fuels and gives the state company a larger role across the petroleum value chain.
Power generation · 2006
Electricity
Staatsolie Power Company Suriname represents the group's participation in electricity generation. The power business extends Staatsolie beyond liquid fuels and supports the company's role as a broader national energy provider.
Mining · 2014
Gold
Since 2014, Staatsolie has held interests in Suriname's gold-mining sector, including participation associated with the Merian project and later Rosebel-area mining arrangements. Gold diversification provides an additional natural-resources income stream alongside petroleum.
Offshore oil and gas
Offshore exploration partnerships
Staatsolie participates in offshore petroleum development through arrangements with international operators. These partnerships give Suriname access to deepwater exploration expertise and capital while preserving a role for the national company in the country's emerging offshore industry.
Marketing campaigns
- Clean-energy and solar transition initiative
Suriname
Staatsolie has discussed solar projects and a broader shift toward cleaner energy as part of efforts to reduce carbon emissions and adapt its business to the energy transition.
Outcome. The initiative reflects a strategic direction rather than a documented consumer campaign; a complete implementation outcome is not specified in the reference material.
Brand decisions
2022
Expand offshore cooperation with ChevronStrategyBackground
Growing interest in the Guyana-Suriname Basin increased the importance of international offshore partnerships.
Action taken
Staatsolie and Chevron expanded cooperation through a sharing arrangement for offshore Block 7.
Aftermath
The arrangement strengthened Staatsolie's involvement in Suriname's emerging offshore petroleum sector.
2014
Diversify into gold miningM&ABackground
Staatsolie sought to broaden its natural-resources portfolio beyond petroleum.
Action taken
The company announced a 25 percent participation in the Merian gold project.
Aftermath
Gold became a second major resource business for Staatsolie and was followed by further participation in Rosebel-related mining activity.
1995
Finance and build a domestic refineryStrategyBackground
Domestic crude production created an opportunity for Suriname to capture more value through local processing.
Action taken
Staatsolie arranged US$36 million in financing and commissioned ABB Lummus Global to construct a refinery.
Aftermath
The refinery began operating in 1997 and initially produced about 8,000 barrels per day.
Refinery financing. US$36 million loan contract (1995)
1980
Create a national oil companyStrategyBackground
Suriname wanted to implement its own oil policy and avoid simply selling domestic oil fields to multinational companies.
Action taken
The state established Staatsolie to manage exploration, drilling, production and processing.
Aftermath
Staatsolie became the institutional foundation of Suriname's domestic petroleum industry and later expanded into refining, power and mining.
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