The discovery of oil has boosted the global profile of both countries but their governments now face challenges navigating geopolitical interests
After a flurry of oil discoveries in Suriname’s offshore waters since 2020, it was believed the impoverished former Dutch colony, among the poorest countries in South America, would shortly join neighboring Guyana to benefit from an oil boom of epic proportions. By 2022, those hopes were dashed by the decision of TotalEnergies and APA Corporation to delay the long-awaited multi-billion-dollar final investment decision, or FID, for 1.4-million-acre Block 58, where the partners have made five commercial oil discoveries.
Suriname’s President Chan Santokhi had pinned his hopes on a massive oil boom to reinvigorate the former Dutch colony’s crisis-prone economy. Those hopes were dashed when French energy supermajor TotalEnergies delayed the billion-dollar final investment decision (FID) for Block 58 offshore Suriname.
By late 2022 there were considerable concerns and doubts surrounding Suriname’s burgeoning offshore oil boom. Conflicting drilling results and seismic data saw 50% partners in Block 58 offshore Suriname Apache and TotalEnergies delay their financial investment decision, known as a FID.
GEORGETOWN, Guyana, Feb 14, CMC – Suriname President Chandrikapersad Santoki, Tuesday said his Dutch-speaking Caribbean Community (CARICOM) country is open to doing business in all streams of the oil and gas sector as he underscored the importance of the sector to the socio-economic development of the country.