On 2 November, oil company Petronas announced that it discovered a new source of oil off the coast of Suriname. This is not new, as the company made its first discovery in the area in 2020 (source). Suriname, like neighbouring Guyana, is in a position to successfully exploit its offshore oil. Suriname’s entry into the oil market has implications for its economic growth, its tensions with Guyana over oil access, and its geopolitical position between the US, China, and OPEC.
Key judgement 1. Over the next 24 months, oil production in Suriname will likely increase significantly. This will strengthen its economy and stimulate growth in other industries.
Key judgement 2. In the next 24 months, the oil discovery in Suriname is likely to increase its regional and international relevance.
Key judgement 3. It is unlikely that in the next 24 months, conflicts will arise between Suriname and its neighbours over oil production.