Staatsolie launches $302m bond offer to fund offshore oil project

Suriname's state-owned energy company Staatsolie on Friday launched a new offer of debt bonds maturing in 2033, hoping to raise $250 million and 50 million euros ($52 million) to fund its participation in a key project off the country's coast, the company said.

The company needs to raise some $2.4 billion through different financing mechanisms, including up to $1.5 billion in bank loans, to secure a 20 per cent stake in Block 58, being developed by France's TotalEnergies and US firm APA Corp.

The flagship $12 billion Gran Morgu project is expected to inaugurate offshore oil and gas output in Suriname, with first production expected in 2028.

The bonds on offer have fixed interest rates of between 7.25 per cent and 7.75 per cent, with payments starting in September, said Staatsolie's finance director, Agnes Moensi, during the launch.

"Every dollar more raised in bond, means a dollar less in the bank loan," she said.

The company's overall investment plan includes up to $3.49 billion for onshore, offshore, refining and power projects through 2033.

(Reporting by Ank Kuipers. Writing by Marianna Parraga. Editing by Mark Potter)