Staatsolie Maatschappij Suriname wants to expand electricity production with two new machines that together will provide a capacity of 34 megawatts. Chief executive Annand Jagesar informed President Jennifer Simons on Thursday, September 17, about this investment and developments within the offshore oil and gas sector.
With the expansion, an estimated USD 54 million is involved. This amount includes not only the purchase of the machines, but also the construction of a machine hall and the facilities needed to transmit the generated electricity.
According to Jagesar, delivery times for electricity generation machines can increase considerably due to developments on the global market. Staatsolie therefore wants to secure the required capacity in time.
“That is a considerable amount of energy and electricity that we can supply,” the Staatsolie director said.
Staatsolie is also consulting with Energie Bedrijven Suriname (EBS) on how to respond to the expected growth in electricity demand. That demand is expected to increase further due to the development of the offshore oil and gas industry.
First gas production from Block 52 around 2030
Gas developments in Block 52 were also discussed during the meeting at the Kabinet van de President. Staatsolie is working there with Malaysian energy company Petronas on a possible gas project.
Jagesar expects that important developments concerning the project can be announced soon. The aim is to produce the first amount of gas around 2030.
Before the final investment decision, the so-called Final Investment Decision (FID), can be made, several steps still need to be completed. According to Jagesar, these were discussed with the president and Staatsolie has received the necessary support.
Progress on the GranMorgu project is also proceeding positively, according to the Staatsolie director. Planning remains focused on producing the first oil in 2028. The first payments from the project could also flow to Suriname in that same year.
