Just across the Corentyne River, Suriname is watching. It has seen Guyana go from oil discovery to oil power in less than a decade, GDP booming, rigs multiplying and an international attention growing. But where Guyana surged ahead, Suriname is moving with caution.
Guyana’s momentum was driven by multiple factors: a stable investment climate, a business-friendly government eager to attract major players, and the sheer scale and quality of the Stabroek discoveries. Today, ExxonMobil and its partners Hess and CNOOC have made over 30 discoveries in the block, unlocking more than 11 billion barrels of recoverable oil.
Oil production began in late 2019, and by 2024, Guyana was producing around 650,000 barrels per day, from 4 FPSOs, generating billions in revenue and transforming its economic landscape.
Suriname’s oil narrative is more recent and more restrained. While offshore exploration began decades ago, it wasn’t until 2020 that Suriname confirmed a series of significant discoveries in Block 58, operated by TotalEnergies and APA Corporation.
Guyana-Suriname Basin is one of the most promising oil exploration regions in the world | OilNOW
This emerged as a standout discovery, but despite early enthusiasm, the project’s Final Investment Decision (FID) was delayed multiple times before finally being approved in October 2024.
That FID paved the way for “GranMorgu” a US$10.5 billion development set to begin production by 2028, with an expected output of 220,000 barrels per day.
Both countries sit atop world-class offshore reserves. Both drew in global energy giants. But that’s where the similarities end, at least for now.
Guyana moved fast, striking deals, setting up production, securing billions in revenue and launching one of the fastest growing economies in the world. The results are real: a skyline changing, highways under construction, jobs being created. But so are the growing issues. Local businesses struggle to catch up, regulatory frameworks are still maturing and the public often feels left out of the conversation.
Suriname, with production still on the horizon, has a window to plan differently. The government and Staatsolie, the state oil company, have emphasized long-term national benefits over short-term gains. That includes early investments in training, university partnerships, and efforts to craft a local content framework that anticipates industry needs.
Both countries face the challenge of building local capacity fast enough to meet the needs of a booming oil industry. Guyana has made strides, passing a local content law in 2021 that outlines priority areas for Guyanese participation and sets minimum thresholds for hiring and procurement. Yet many local businesses still struggle to meet industry standards, access financing, or compete with international suppliers.
Suriname is trying to get ahead of the curve. The state oil company Staatsolie has launched training programs and partnerships with universities, and TotalEnergies has committed to working with local suppliers. Still, there’s a long way to go. The oil industry is highly technical, and the demand for skilled labor – engineers, welders, HSE officers, and logistics coordinators – is outpacing supply in both countries.
Crucially, Suriname also faces the test of governance. The oil sector has the potential to lift the country out of its ongoing fiscal crisis – but only if revenues are managed transparently and invested wisely. Public expectations are high, and missteps could erode trust quickly. The outcome of the 2025 general elections, which remain undecided as coalition talks continue, could significantly influence how the sector is regulated and how benefits are distributed.
If Guyana shows what rapid growth can achieve, Suriname might yet show what patient planning can deliver.
