Suriname's oil industry is set for a major boom following TotalEnergies' $10.5 billion investment in the GranMorgu project, with significant economic implications for the country.
There is rising speculation the tiny South American country of Suriname will emerge as the next Guyana. After years of speculation surrounding the former Dutch colony's petroleum potential, with discoveries in neighboring offshore Guyana pointing to the deeply impoverished country possessing billions of barrels of crude, the first oil recently took a big step closer.
5 billion investment to participate, but this will further bolster the share of income received by Paramaribo from the project, once it is operational. GranMorgu Offshore Development Plan Source APA Corporation Third-Quarter 2024 Financial and Operational Supplement. All the natural gas produced will be reinjected to enhance recovery meaning there will be no flaring, bolstering the project's environmental credentials at a time when Big Oil is under considerable pressure to reduce emissions.
Oil Totalenergies Granmorgu Guyana-Suriname Basin Staatsolie Block 58 Oil Production Economic Growth Petroleum
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