Suriname assures oil companies of stable business environment as reserves mount

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Shikema Dey
Experienced Journalist with a demonstrated history of working in the media production industry and a keen interest in oil and gas, energy, public infrastructure, agriculture, social issues, development and the environment.

Paramaribo, Suriname – Opening the 2024 edition of the Suriname Energy Oil and Gas Summit and Exhibition, President Chandrikapersad Santokhi gave assurance to oil companies of the Dutch-speaking nation’s stable environment as he beckoned new investments. 

Suriname’s potential as an investment destination continues to expand as its oil bounty offshore climbs. And with the country gaining global attention, Santokhi reinforced that Suriname is the place to be. 

“You can rest assured that we are providing a stable and business-friendly environment… Our vision for the oil and gas industry focuses on utilizing the wealth generated to create sustainable economies and the diversification of our economy for future generations,” the President shared. 

Suriname President Chandrikapersad Santokhi

For Suriname to capitalize on this potential, Santokhi said local content must be at the forefront. 

He acknowledged too that the government has a key role to play in establishing policies to derive maximum benefits for potential investors. In the same vein, he called on local companies to step up their development. 

“Let us be ready for the next stage of success. Not only on a company level but regionally and internationally,” the Surinamese Head of State underscored. 

Suriname’s first offshore development project is priced at US$9 billion and will be executed by TotalEnergies alongside APA Corporation. Both hold 50% shares in Block 58. Total is the operator. A final investment decision (FID) is expected to be issued before the end of the year, President Santokhi reminded. 

Currently, Suriname’s resource count is at 4.6 billion oil-equivalent barrels as estimated by Wood Mackenzie. A significant portion of this is gas. Alongside Suriname’s touted oil development, a possible gas project has been eyed by Petronas which operates Block 52. Discoveries have been made there, two of which hold the potential to see a 100,000-barrel-per-day development. 

Suriname’s neighbor to the west, Guyana, itself a new deepwater oil producer, now has daily output of more than 600,000 b/d. Just this week, Brazil’s energy minister said the country’s oil investments are moving at a phenomenal rate and advocated for Brazil to take its example.

The Summit is being held under the theme “The Next Stage of Success.” SEOGS 2024 introduced a third exhibition hall, with a four-day executive summit, two-day technical conference, two-day workshops and roundtables program, a women economic empowerment program, a youth empowerment program and numerous functions, networking receptions and opportunities to develop business, partnerships, and projects.  

Here are a few scenes from the opening ceremony:

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