Energy company Total Energies wants to develop large oil reserves off the coast of the South American country of Suriname. The company announced that 220,000 barrels of oil will be produced every day from 2028. Together with the US hydrocarbon company APA, 10.5 billion dollars (almost 9.5 billion euros) will be invested.
“We see this as a milestone that opens up significant opportunities and revenue opportunities for Suriname and attracts investors from all over the world,” said Suriname President Chandrikapersad Santokhi. More than 6,000 direct and indirect jobs will be created, according to the French energy company. “This will be the largest investment ever made in our country,” said the managing director of state oil company Staatsolie, Annand Jagesar, who also wants to participate in the project next year.
This small country of about 623,000 people in northern South America has a poverty rate of 17.5 percent according to the World Bank. Recent oil discoveries offshore are raising hopes of an economic recovery in the near future.