As Suriname prepares for its first deepwater development, Guyana’s President, Dr. Irfaan Ali, urged that country’s government and private sector to “act early” in laying the foundation for its long-term economic transformation.
Addressing a recent conference in Suriname, Ali said planning, investment in infrastructure and human capital development are key to ensuring oil wealth translates into sustainable growth and improved livelihoods.
“Suriname is poised for an upward economic growth trajectory. The International Monetary Fund projects that with intensified oil production, your growth could soar to 55% in 2028. But let me be frank with you—this will be a significant economic boom, but it will not happen on its own. It requires strong and stable leadership,” Ali advised.
Ali said key sectors should be bolstered ahead of first oil, including logistics and transportation, storage and warehousing, port and shore base facilities, waste management, and engineering and technical support services.
“The ramping up of offshore petroleum production will require significant onshore support. It’s not just about infrastructure; it’s about the people who will work in these industries. This means education and training must be prioritized now,” he said.
He encouraged Suriname’s private sector to collaborate with their Guyanese counterparts, leveraging the expertise and lessons learned from Guyana’s development trajectory.
“We have built infrastructure, we have built training institutes and programs, and we have developed good experience in offshore exploration and support services…Feel free to work with the Guyana private sector in coordinating and building partnerships to meet the future requirements of Suriname,” he encouraged.
President Santokhi stressed that collaboration is vital for Suriname’s future
Suriname is set to receive billions in oil and gas revenues from its first offshore oil project, the US$10.5 billion Block 58 development. The Gran Morgu field holds an estimated 750 million barrels of oil, with first oil expected in 2028. A floating production, storage, and offloading (FPSO) vessel will produce up to 220,000 barrels per day from around 30 wells.
TotalEnergies, in January, launched a new drilling campaign in Block 64, further northeast of Block 58 where they have already made five discoveries. The energy company is moving forward with developing the Gran Morgu project.
Dutch floater specialist SBM Offshore, in partnership with Technip Energies, has been awarded contracts to construct and install the FPSO vessel for the project.
