30th of June, 2022. Regional News: Suriname. GSA NewsLast updated: June 30, 2022 at 14:22 pm
Not 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.
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.
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 by the end of this year, the 60% of unexplored offshore acreage will be up for grabs, and 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.