Suriname’s anticipated oil boom could transform the country’s future, but good governance will be key, Staatsolie Managing Director Annand Jagesar cautioned in a recent interview with Dagblad De West. He highlighted that while oil revenues may begin to flow in five to 10 years, sustainable wealth depends on effective policies and leadership.
“People must understand that without proper governance, oil revenues do not automatically lead to economic growth,” Jagesar said, urging that management of oil wealth should be part of a larger national strategy.
Jagesar emphasized Staatsolie’s involvement in a working group focused on establishing a Savings and Stabilization Fund. The fund aims to shield government finances from volatile oil prices and create a buffer to support long-term, intergenerational development. “It is essential that we have a clear plan to sustainably manage the wealth that oil brings,” he stated.
The next two decades, Jagesar noted, are crucial. “Poor management practices or declining oil prices could undermine economic benefits,” he warned. The key to economic stability lies in planning and protecting oil wealth for future generations.
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The upcoming Block 58 project, expected to yield around 700 million barrels of recoverable resources from the Sapakara South and Krabdagu fields, will feature a floating production, storage, and offloading (FPSO) vessel capable of producing 200,000 barrels per day. Drilling operations are set to begin in early 2026.
