Paramaribo, Suriname – Predictability and stability are key elements of the investment climate in a country, particularly when companies are looking to plug billions into projects with long-term returns. As TotalEnergies prepares to invest US$10.5 billion into Suriname’s Gran Morgu development—the first offshore project of its kind—its country General Manager, Arthur Nunes Da Silva, made a point to emphasise this.
Da Silva sat on a panel at the Suriname Awareness Symposium to discuss local content but focused on stability.
He said, “What we need…is stability, stability of the conditions…because I [will] invest for 13 years.”
Da Silva outlined that TotalEnergies operates based on contracts and fulfills its commitments, “We go by contracts. We do what is signed,” he emphasized.
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He warned against instability, explaining its potential to deter investment. Stability, according to Da Silva, not only fosters investment but also enables local economies to maximize benefits from oil and gas projects.
Touching on local content, Da Silva called for a collective approach, urging readiness from both the workforce and companies to meet industry standards. “The workforce has to be ready. The companies and the people have to also raise these numbers,” he said.
TotalEnergies, he added, is committed to transparency by posting contracts and procurement plans to encourage local participation. However, he acknowledged challenges in the qualification process and urged proactive engagement from entrepreneurs to seize opportunities.
With Gran Morgu, TotalEnergies expects that 3,816 jobs will be created in the construction phase. It plans to drive US$1.5 billion in spending on goods and services from Suriname companies in the lead-up to first oil. This is planned to be disbursed at a rate of US$495 million annually, boosting the country’s economy by an estimated average of 2.3% annually. Suriname companies and workers in 45 sectors will have opportunities to participate in the development phase of the Gran Morgu project.
The Gran Morgu project is currently under development, with first production expected in 2028. SBM Offshore, in partnership with Technip Energies, has secured contracts to build and install a floating production, storage, and offloading vessel.
TotalEnergies estimates the development cost at US$10.5 billion, while Staatsolie anticipates a cost of US$13.2 billion, factoring in inflation, as it seeks financing for its 20% stake.
