THE FIRST OIL from GranMorgu should surface in June 2028. The billion-dollar project is now approximately halfway through and the first heavy components are ready for installation on the seabed at the Kuldipsingh Port Facility. The construction of the floating production platform and the production of the subsea production system, among other things, are making steady progress. Preparations for the upcoming drilling campaign and offshore installation activities, due to start early next year, are on track for first oil production.
But is Suriname itself ready for it? Listening to Staatsolie director Annand Jagesar, there is still a lot of homework to do, including in the areas of training, infrastructure and the further professionalization of companies. That is perhaps the most important message from the presentation about GranMorgu last Saturday to the media and the president. It is almost certain that the oil will come. A much more difficult task is to ensure that Suriname benefits as much as possible in the broadest sense.
More foreign money and personnel can sharply increase demand for housing, catering and other services and thus raise prices
Surinamese in particular need to be trained for this. Good professionals are needed for construction, maintenance, logistics and offshore work. TotalEnergies expects that between one and one and a half billion US dollars will be spent locally. The project should create more than 6,000 direct, indirect and derived jobs. It is important that Surinamese are sufficiently equipped to seize these opportunities.
At the same time, we must be careful that oil wealth does not cause new problems. More foreign money and personnel can sharply increase demand for housing, catering and other services and thus raise prices. Other sectors must not fall victim to the success of the oil sector. The Savings and Stabilization Fund Suriname is an important buffer for this.
We don’t have to look far for a warning. In neighboring Guyana, the economy grew by 33.3 percent this year and oil revenues of almost US$6.5 billion are expected. At the same time, consumer prices rose sharply in the first six months. The oil therefore brings economic prosperity, but that does not automatically mean that every citizen will also feel this in their wallets.
The Surinamese Ambassador to Guyana, Ivan Fernald, while presenting his credentials to President Irfaan Ali, called on both countries to speak with one voice for carbon credits. Fernald also noted the strategic importance of cooperation in areas such as food security, logistics, connectivity and oil and gas. He also mentioned targeted investments in human capital, such as education, the labor market and the training of professionals.
Surinamese are very strong in giving lip service. But putting words into words turns out to be of a completely different order, as practice has proven time and time again. Staatsolie director Jagesar assesses our readiness with a 6.5. That should be an 8.5, he says. Suriname has less than two years left to complete its oil homework optimally. Oil under the seabed is one thing. Dealing with it wisely and turning it into a well-oiled society is something completely different.
