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But it seems like, very soon, Guyana’s eastern neighbor will steal its crown as the world’s fastest growing oil economy. Suriname is estimated to have more than 30 billion barrels of oil and drilling has already started. With a population far less than Guyana, the former Dutch colony is also about to steal Guyana’s coveted title of having the highest proven oil reserves “per capita.”
A recent anti-mining operation in Guyana’s interior has captured the attention of the Surinamese authorities. Suriname, like Venezuela, has a bitter border dispute with Guyana. Suriname is requesting clarification on the authority by which the Guyana government acted on “their territory”.
If we say that a backtrack crossing is “legal,” we find ourselves in a conflict of expressions. After all, a backtrack route to another country is a route that seeks to bypass immigration authorities and the necessary legal procedures for cross border travel. However, Guyana is one of those countries where these kinds of somewhat weird and unexplainable things happen. Guyana does have a “somewhat legal” backtrack route to neighboring Suriname.
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 2022, 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.