PARAMARIBO, Suriname, CMC—Suriname is urging foreign investors to do business in the oil and gas industry. This indicates it will seek to develop its natural resources to build the national economy.
Addressing the fourth Suriname Energy, Oil & Gas Summit (SEOGS), which is being held under the theme “The next phase of success,” President Chandrikapersad “Chan” Santokhi and his Foreign Affairs, International Business and International Cooperation (Bibis) Minister, Albert Ramdin, spoke of the sector’s importance to the development of the Dutch-speaking Caribbean Community (CARICOM) country.
The event, which ends on Friday, is being hosted by Staatsolie, a state-owned oil and gas company. It coincides with the annual meeting of the New Producers for Sustainable Energy (NP4SE), which ends later on Wednesday.
President Santokhi told the SEOGS that Suriname has enough potential for investors in the oil and gas industry and that a gigantic development and spin-off awaits the country as he reflected on the developments in the offshore area, namely block 52.
He said he is convinced that TotalEnergies will announce the first oil development in block 58 before the end of this year. In contrast, Petronas’ activities regarding gas in block 52 are being closely monitored.
The company encountered several oil and gas-bearing Campanian sandstone reservoir packages in the Fusaea-1 well, the third find for the block. According to British Consultancy Group Wood Mackenzie, Fusaea and the previous discovery of Roystonea could support the development of 100,000 barrels per day. The two discoveries are estimated to contain nearly 400 million oil-equivalent barrels (Boe).
According to Wood Mackenzie, Suriname’s total discovered resources amount to 4.6 billion barrels of oil equivalent, with gas accounting for 48 percent of this figure.
Only 40 percent of Suriname’s offshore oil blocks, about 32 million hectares, are licensed, leaving 60 percent untouched and full of potential.
The Head of State told the audience that the final investment decision of the oil companies is expected this year, underscoring the importance of local content.
But he said Surinamese companies must benefit from future development and that this edition of SEOGS is taking place during a period of economic recovery and stability.
He said that foreign hotel companies are already coming to Suriname and that local hotels are becoming part of international chains. In addition, private airports are being built, and various shore bases of local companies are being constructed in partnership with foreign parties.
Between 2022 and 2023, companies have invested more than US$115 million in the Surinamese economy based on local content activities.
Santokhi said his government’s vision is to create sustainable economies for current and future generations.
“The natural resources and wealth from the mining sector belong to the people. Not government, politicians, political parties, or the private sector. As leaders, we must design a natural resource management strategy that captures this wealth, transforming societies and economies, ensuring broad and lasting benefits,” he said.
He said international cooperation with Brazil, France, Ghana, and Nigeria is essential for strategic partnerships.
Regarding the development of natural gas, Santokhi said that experts are now in the process of drawing up regulations so that its exploration, production, and commercialization can take place. He said infrastructure development is crucial for setting up offshore platforms, pipelines, and onshore processing facilities.
Ramdin said that Suriname, Guyana, and other countries considered newcomers to the big oil and gas world have the right to take advantage of the resources to transform their economies towards prosperity.
“Let it be clear that we feel and believe without any hesitation that Suriname, and for that matter Guyana and others, as newcomers in this field, have the right to take advantage of the newly discovered resources to transform their economies into one of prosperity.
“We know our responsibility towards the environment in which we live because we have proven it,” he said, adding that this transition will take place with respect for the environment, with the application of international standards, and to remain a carbon-negative country, with a high degree of biodiversity and a low level of deforestation.
Ramdin said the SEOGS is “an excellent opportunity to showcase Suriname’s potential and invite the global community to join us on our journey of growth and innovation.
“We must collectively strengthen our resolve to improve living conditions and achieve sustainable progress. We must look beyond short-term forecasts and be guided by the bright horizon that awaits us all.”
Ramdin said that Suriname has embarked on a path of balanced social and economic development and that national economic growth is being worked on with a “just transition strategy.”
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