First Published: 30th of June, 2022. Regional News: Suriname. GSA News
Last updated: July 16, 2024 at 14:58 pmNot too long ago, Guyana, with its miniscule population, was cheering its massive oil discoveries which to date have amounted to more than 11 billion oil equivalent barrels. Guyana, right after the Middle Eastern Oil Giant Kuwait, now boasts the second highest proven oil reserves per capita. But recent discoveries in the tiny Dutch speaking country of Suriname may see it leaving Guyana trailing behind in its dust.
Suriname is often seen as a candidate for a repeat of Guyana’s oil boom since the two neighboring countries share one hydrocarbon basin. However, exploration efforts have taken longer in Suriname and the colossal success of Exxon with the Stabroek Block and its dozen discoveries has yet to be replicated in Guyana’s neighbor.
Oilprice.com
So far, Suriname boasts only 5 billion barrels of proven oil reserves. But that figure is merely a fraction of what is believed to be held in the Suriname Basin.
Seismic data obtained by Staatsolie, Suriname’s National Oil Company (NOC), suggests that the Suriname basin holds some 30 billion barrels of oil equivalent.
A total of nine offshore discoveries have been made in Suriname in the last six years but commercial development of any of them is still in the future. The government is eager to jumpstart its oil and gas industry and has already granted tax incentives to Petronas and Exxon for the development of their Block 52 project.
Oilprice.com
Currently, just 40% of Suriname’s offshore oil blocks have been licensed, some 32 million acres, leaving over 60% untouched and ripe with potential. Staatsolie’s Vice President of Offshore, Glenn Corrie, said that Suriname is looking to get good fiscal terms for the development of its oil and gas resources.
Adding to all this, Suriname has a smaller population than Guyana (less than 600,000) which has the potential to steal Guyana’s dream of being the richest country in South America per capita and the world’s fastest growing economy.
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