Paramaribo, Suriname – As Suriname approaches general elections on May 25, the nation’s burgeoning oil and gas sector stands at the forefront of political discourse.
The development of offshore reserves, particularly the US$10.5 billion GranMorgu project in offshore Block 58 led by TotalEnergies, APA Corporation, and now Staatsolie, promises to transform the country’s economy. With first oil expected in 2028, political parties are outlining their visions for managing this newfound wealth. Here’s an overview of the major parties’ energy agendas:
VHP (Progressive Reform Party)
Under the leadership of President Chandrikapersad Santokhi, the VHP emphasizes equitable distribution of oil revenues. The party has introduced the “Royalties for Everyone” (RVI) program, aiming to allocate a portion of oil income directly to citizens. Surinamese citizens would receive a US$750 savings note with a 7% annual interest rate, funded by royalties from Block 58.
President Santokhi has highlighted the importance of transparency and accountability in resource management, committing to reinvest oil revenues into sectors like healthcare, education, and infrastructure.
NDP (National Democratic Party)
The NDP, now led by Jennifer Geerlings-Simons, prioritizes strong state oversight of the oil and gas sector. The party proposes expanding national infrastructure, increasing training and employment for locals in oil-related fields, and ensuring that revenues support healthcare, education, and housing. The party is skeptical of direct cash transfers, favoring long-term investment instead.
NPS (National Party of Suriname)
NPS, under the leadership of Gregory Rusland, has taken a bold tech-driven stance, advocating for a sovereign wealth fund powered by blockchain. Maya Parbhoe, an entrepreneur on the NPS ticket, argues for strict fiscal discipline and digital oversight to ensure that oil revenues benefit future generations.
ABOP (General Liberation and Development Party)
Led by Vice President Ronnie Brunswijk, ABOP focuses on local content and regional equity. The party promotes community participation, particularly for interior populations, and calls for more aggressive revenue sharing with traditionally underserved areas.
ABOP supports policies that mandate foreign oil companies to partner with local businesses, fostering skill development and economic growth within underserved regions.
Suriname does not have a local content law in place. While Article 17 of the Petroleum Act encourages the hiring of Surinamese workers and the procurement of local goods and services, these provisions are general and lack the enforceability of dedicated legislation.
Suriname Government looking to draft its local content policy by early 2022 | OilNOW
Critics argue that this absence leaves local businesses at a disadvantage, especially when compared to neighboring Guyana, which have implemented robust local content laws to ensure domestic participation in the oil and gas industry. Although the Surinamese government has initiated steps toward establishing a local content policy, progress has been slow, and no formal legislation has been enacted to date.
With elections on the horizon, the future of Suriname’s oil and gas sector hangs in the balance. While some parties advocate rapid development and direct benefit sharing, others emphasize cautious governance, institutional reform and sustainability.
Offshore discoveries hold immense promise, but among everyday citizens, there is growing skepticism about whether oil wealth will truly reach them. Fears of corruption and mismanagement remain strong, with many questioning if revenues will improve daily life or be lost in bureaucracy.
The next administration’s decisions won’t just shape the energy sector, they will determine whether the country can build public trust and turn its resources into real, shared progress.
