Bladex Acts as Global Coordinator and Mandated Lead Arranger for Staatsolie US$1.6bn Syndicated Credit Facility

Rhea-AI Summary

Bladex (BLX) has successfully coordinated a US$1.6 billion syndicated credit facility for Staatsolie, alongside Afreximbank and 16 other financial institutions. The facility will help finance Staatsolie's 20% stake in the GranMorgu offshore oil project in Suriname's Block 58. The project, operated by TotalEnergies, represents Suriname's largest project financing transaction to date. GranMorgu's recoverable resources exceed 750 million barrels, with production expected to start by mid-2028. The project features an innovative FPSO unit capable of producing 220,000 barrels per day. With capital investments of US$12 billion, the project is projected to generate over US$26 billion in revenue for Staatsolie and Suriname's government, create 6,000 jobs, and significantly boost the country's economic development.

Positive

• Bladex secures major role as Global Coordinator in US$1.6 billion financing facility
• Project expected to generate over US$26 billion in revenue for Staatsolie and Suriname government
• Recoverable resources exceed 750 million barrels
• FPSO capacity of 220,000 barrels per day production
• Project will create over 6,000 direct and indirect jobs
• Low-carbon design with no routine gas flaring and full gas reinjection

Negative

• Significant capital investment required (US$2.4 billion from Staatsolie)
• Production not expected to start until mid-2028
• Project success dependent on oil price fluctuations

Insights

Energy Finance Expert

Bladex's role in arranging Staatsolie's $1.6B facility strengthens its position in Latin American project finance while promising significant revenue.

Bladex has positioned itself strategically by acting as Global Coordinator and Mandated Lead Arranger for Staatsolie's $1.6 billion syndicated credit facility. This transaction represents a significant milestone as it's the largest project financing in Suriname's history and demonstrates Bladex's expanding capabilities in structuring complex energy project finance deals.

The financing package will fund Staatsolie's 20% stake in the GranMorgu offshore oil project in Block 58, which has estimated recoverable resources exceeding 750 million barrels. This represents substantial value creation potential for Bladex as the lead arranger in a consortium of 18 financial institutions.

The financial impact for Bladex will materialize through arrangement and commitment fees, which typically range between 1-3% for such large-scale project financing. The transaction enhances Bladex's credentials in the energy sector and expands its footprint in project finance.

The GranMorgu project's economics are compelling: $12+ billion in capital investment with potential to generate $26 billion in revenue for Staatsolie and Suriname's government. For Bladex, this deal strengthens relationships with both sovereign entities and international energy companies, potentially leading to future financing opportunities as Suriname develops additional offshore blocks.

Particularly noteworthy is the project's environmental design featuring a fully electric FPSO with no routine gas flaring and continuous methane monitoring, positioning it among the industry's most emission-efficient operations. This aligns with increasing ESG considerations in project financing and suggests Bladex is strategically building expertise in financing energy transition projects.

PANAMA CITY, May 23, 2025 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex") and African Export-Import Bank (Afreximbank), alongside with other 16 financial institutions have reached an agreement with Staatsolie Maatschappij Suriname N.V. ("Staatsolie") a US$1.6 billion long-term senior secured financing facility.

The proceeds will support Staatsolie in partially refinancing existing debt and funding its 20% working interest in the GranMorgu upstream offshore oil project (the "Project") located in Block 58, approximately 150 km of the coast of Suriname.

GranMorgu is one of the most significant developments in the global energy industry. This transaction represents the largest project financing transaction in Suriname's history and paves the way for initial offshore oil production by mid-2028. It will also provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investments in infrastructure, healthcare, education, and future offshore developments.

The Project is being developed under a joint operating agreement with TotalEnergies EP Suriname B.V., as operator. The offshore development in Suriname's Block 58, is poised to generate over 6,000 jobs (direct and indirect) and inject up to $26 billion into the national economy (depending on oil price), offering a transformative opportunity to alleviate poverty and enhance public services in the country.

The credit facility, structured by Bladex, was successfully syndicated with leading international, regional and local banks, and investment management firms.  

"We have built a solid financial foundation for Staatsolie to participate in GranMorgu and possible future projects and are embarking on a new phase of transformational growth for the company and the country" said Annand Jagesar, Managing Director of Staatsolie.

"This is a very exciting milestone for Bladex and Staatsolie. The development of GranMorgu will more than double Staatsolie´s production and provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investment in infrastructure, health, education, and future offshore developments. We are happy and honored to help one of our member countries to finance one of its most important projects in its history" said Samuel Canineu, Chief Commercial Officer at Bladex.

Recoverable resources in these fields are estimated to exceed 750 million barrels, making it one of the most significant developments in the global energy sector. The project also stands out for its low-carbon design, featuring a fully electric Floating Production, Storage, and Offloading unit (FPSO) capable of producing 220,000 barrels per day.

The FPSO has been designed with no routine gas flaring, full gas reinjection, waste heat recovery, and continuous methane monitoring, positioning GranMorgu among the most efficient upstream oil project in terms of greenhouse gas emissions per barrel produced in the industry. Additionally, the FPSO design will allow for future satellite tie-ins, extending plateau production and maximizing long-term national benefits. This flexibility marks the beginning of Suriname's vast offshore oil potential, positioning the country as a key player in the global energy market.

From an economic standpoint, capital investments in the Project slightly exceed US$12 billion, with Staatsolie contributing 20% (US$2.4 billion). Depending on price, the Project is expected to generate over US$26 billion in revenue for Staatsolie and the Government of Suriname over its operational life, significantly boosting the country's economic development.

About Staatsolie Maatschappij Suriname N.V. ("Staatsolie") 

Staatsolie is Suriname's state-owned energy company, engaged in exploration, production, refining, retail fuel distribution and power generation. Staatsolie also has a working interest in two gold projects in Surianame. Its mission is to develop energy resources to maximize the long-term value for Staatsolie and Suriname, Energizing a bright future for Suriname.

About Banco Latinoamericano de Comercio Exterior ("Bladex")

Bladex is a multinational bank founded in 1979 by the central banks of Latin America and the Caribbean to promote trade finance and economic integration in the region. Headquartered in Panama, with representative offices in Argentina, Brazil, Colombia, Mexico and an Agency in the United States, the Bank provides financial solutions to institutions and corporations throughout the region. Listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on the Mexican Stock Exchange for more than 10 years, Bladex has consolidated its presence in the international financial markets. Its shareholder base includes central banks, government entities and banks from 23 Latin American countries, as well as institutional and private investors.

Contact:
Felipe Suarez, SVP Head of Loan Structuring & Sindications
Tel:  +(507) 210-8500

View original content:https://www.prnewswire.com/news-releases/bladex-acts-as-global-coordinator-and-mandated-lead-arranger-for-staatsolie-us1-6bn-syndicated-credit-facility-302464274.html

SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the size of the credit facility Bladex (BLX) arranged for Staatsolie?

Bladex arranged a US$1.6 billion long-term senior secured financing facility for Staatsolie.

When is the GranMorgu oil project expected to start production?

The GranMorgu offshore oil project is expected to begin initial production by mid-2028.

How many barrels of oil are recoverable from the GranMorgu project?

The recoverable resources are estimated to exceed 750 million barrels.

What is the daily production capacity of the GranMorgu project's FPSO unit?

The FPSO unit is capable of producing 220,000 barrels per day.

How much revenue is the GranMorgu project expected to generate for Suriname?

The project is expected to generate over US$26 billion in revenue for Staatsolie and the Government of Suriname over its operational life.

What is Staatsolie's investment commitment in the GranMorgu project?

Staatsolie is contributing 20% of the total capital investment, which amounts to US$2.4 billion.