Steven Debipersad, Head of the Economist Association of Suriname is urging the government to create a strategic plan to manage the incoming oil revenues after TotalEnergies’ Final Investment Decision (FID) for the country’s first offshore oil development.
“This is a historic moment for Suriname, especially due to the scale of investment involved,” Debipersad said. He noted that although Staatsolie, Suriname’s state oil company, has been in the oil industry for decades, the TotalEnergies FID will have a “fundamentally greater impact” on the economy.
Debipersad stressed the need for a clear strategy on how oil revenues should be used, saying it’s time to focus on sectors that need development.
As the 2025 elections approach, he cautioned political parties against making unrealistic promises, which could lead to “disruption and disappointment” if undelivered.
Debipersad highlighted that the FID could reverse the brain drain and inspire hope among young professionals. “Now is the time to put our shoulders to the wheel for the long-term vision that must lift Suriname from a development status to a developed status,” he said.
The Block 58 project is estimated to cost US$10.5 billion and the field – Gran Morgu – is expected to hold approximately 750 million barrels of oil. The development will involve drilling around 30 wells over a few years, with first oil expected in 2028.
A floating production, storage and offloading (FPSO) vessel will be stationed offshore Suriname once constructed. The project aims to produce up to 220,000 barrels of oil per day (b/d).
