Suriname’s new coalition government could face internal divisions over how to manage future oil revenues, an international analysis report predicted. This comes after the selection of Jennifer Geerlings-Simons as President, last July 6.
In a country risk report seen by OilNOW, the analyst said, “differences over how to manage future oil wealth are likely”. The ruling National Democratic Party (NDP), led by Geerlings-Simons, is expected to favor using oil revenues for current expenditure and spending in its core constituencies.
The report indicated that the NDP has historically backed state-led economic growth. It also stated that Geerlings-Simons mentioned during her presidential campaign that “if elected she would implement stricter local content rules for oil companies.”
However, she is expected to face pushback from coalition partner Gregory Rusland of the National Party of Suriname (NPS), who was appointed Vice-President. The NPS “has long supported the creation of a sovereign fund to reserve part of Suriname’s future oil wealth to protect against price shocks and assist long-term economic stability,” the report observed.
With no clear majority in parliament and a fragile coalition, the analyst said the NDP’s ability to direct energy policy will be limited. It noted, “The eventual choices for the posts of finance and energy ministers will indicate which of the two options has greater weight within the government.”
Production from Suriname’s offshore hydrocarbon projects is expected to begin in 2028, but the analyst warned that if the government loosens fiscal policy before revenues arrive, it could reignite liquidity pressures and debt distress.
Suriname’s first offshore development is GranMorgu, being led by TotalEnergies. The overall GranMorgu project progress is around 20%, with the construction of a floating production, storage and offloading vessel about 40% complete.
SBM Offshore’s Fast4Ward hull, Multipurpose Floater C (MPF C), will serve as the base of the FPSO. The hull was reserved in June 2023 and delivered in February 2025. It was fabricated by China Merchants Heavy Industry (CMHI). BOMESC Offshore Engineering Company Limited and STS VOF will build the topside modules. COSCO Shipping Heavy Industries will also support the topside construction.
