GLIAG ◆ GOLDEN LANE INVESTMENTS ADVISORY GROUP
BANKABILITY & RENTABILITY ANALYSIS Suriname Modular Refinery

Overview & Key Performance Indicators

Base Case: Phase 1 modular refinery, 40,000 bpd design feedstock capacity, $70/bbl Brent, anchored by U.S. International Development Finance Corporation (DFC) debt. All figures derive from the GLIAG bankability financial model.

Base Case DSCR
4.95x
Phase 1 · $70/bbl · 40k bpd DFC anchor. Far above the 1.25x bankability minimum.
NPV Equity
$568M
Net present value to equity holders (10% discount rate).
Equity IRR
N/A — see note
IRR solver returns None for this scenario — see footnote below.
Return on Equity
52.2%
Annual ROE at base case operating steady state.

EBITDA vs. Oil Price — Phase 1, 40,000 bpd, DFC Anchor

EBITDA (US$ millions) across Brent price scenarios for the Phase 1 base feedstock configuration under DFC-anchored financing.

~1 billion barrels produced in the Guyana–Suriname Basin since 2019.

NOT ONE BARREL refined domestically. The entire basin's crude output is exported for refining abroad — the core strategic opportunity this analysis addresses.

IRR not computed where payback exceeds the model horizon or return is below the solver threshold. Where irr_equity_pct is null in the model, values are shown as “—” / “N/A” throughout this dashboard.

Scenario Analysis

All 120 modelled scenarios across phases, oil prices, feedstock volumes and financing structures. Point size reflects feedstock volume (bpd); colour reflects development phase.

DSCR vs. Brent Price — All Scenarios

Phase 1 · DFC Anchor Scenarios (sorted by oil price)

Oil PriceFeedstock (bpd)EBITDA $MDSCRNPV $MBankable?

DSCR Sensitivity Heatmap

Debt Service Coverage Ratio across Brent price (rows) and feedstock volume (columns). Green cells clear the 1.50x target; amber sit between 1.25x–1.50x; red fall below the 1.25x bankability minimum.

DSCR by Oil Price × Feedstock Volume

Annotation marks the base-case Phase 1 operating point. Colour scale: Red (<1.25) → Orange (1.25–1.50) → Green (>1.50).

NPV / IRR Analysis

Equity NPV (US$ millions) and Return on Equity across oil price scenarios for Phase 1, 40,000 bpd under DFC-anchored financing. The breakeven line marks NPV = 0.

NPV Equity & ROE by Oil Price — Phase 1, 40k bpd DFC

Left axis: NPV Equity ($M) with breakeven reference at zero. Right axis: Return on Equity (%).

NPV Sensitivity to Discount Rate × Brent Price

Equity NPV ($M) across discount rates (8%–18%) and Brent price scenarios ($45–$100/bbl).

Modular Scaling Economics

CAPEX and base-case EBITDA scale across modular capacity increments spanning Phase 1 (teal), Phase 2 (gold) and Phase 3 (navy). The line traces declining unit CAPEX ($/bpd) — the modular economies-of-scale curve.

CAPEX & EBITDA by Capacity — with Unit CAPEX Curve

Left axis: CAPEX and base EBITDA ($M). Right axis: CAPEX per bpd ($/bpd).

Pro Forma Cash Flow

20-year pro forma showing EBITDA against annual debt service, resulting DSCR, and free cash flow to equity (FCFE).

EBITDA vs. Debt Service & DSCR

Free Cash Flow to Equity (FCFE)

Feedstock Portfolio

Crude supply composition at the full 160,000 bpd hub scenario, and modelled certainty of feedstock availability across build-out stages.

Feedstock Sources — Full Hub (160,000 bpd)

Feedstock Certainty by Build-Out Stage

Colour-coded by supply certainty: GREEN = HIGH, AMBER = MEDIUM, RED = LOW.

Guyana Stabroek Block: 918,000 bpd as of February 2026.

ExxonMobil target: 1.7 million bpd by 2030. Zero barrels refined in Guyana or Suriname — an unrefined regional crude supply of historic scale.