Despite earlier setbacks and an economic crisis, Suriname's oil development appears more promising with TotalEnergies resuming its billion-dollar project in Block 58 and APA Corporation reporting significant new discoveries.
for Block 58 offshore Suriname. Concern over drilling results and a high gas-to-oil ratio for the five discoveries made since 2020 were cited as the reasons for the delay. That delay, with the FID originally slated for 2022, has delayed the first oil in Suriname, which in recent years has been roiled by political unrest and a deep economic crisis. This is in Paramaribo, which is struggling with a debt crisis and extreme double-digit inflation.
Those reforms, along with a spiraling cost of living and rampant double-digit inflation, triggered by the central bank devaluing the Suriname Dollar by 30% prior to it being floated, sparked riots where protestors stormed the National Assembly. Those events sparked fears of rising political instability in a country of around 600,000 people, where over 40% live in poverty.
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