Suriname Crude Oil Market size was valued at US$ Mn. in 2021 and the total revenue is expected to grow at significant rate through 2022 to 2027, reaching nearly US$ Mn. by 2027.

Market Estimation & Definition

Suriname's crude oil market currently includes modest onshore production—about 15,000 barrels per day—primarily used for domestic refining. The real transformational growth lies offshore, particularly in the Guyana–Suriname Basin. Here, new discoveries have significantly increased the nation’s hydrocarbon potential, with estimated recoverable reserves of around 2.4 to 2.5 billion barrels of oil and over 12 trillion cubic feet of gas.

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Market Growth Drivers & Opportunity

Major Offshore Investments

The Block 58 project, known as GranMorgu, has secured final investment and is projected to deliver its first oil in 2028. With development costs estimated at $10.5 billion, the project is targeting daily production of up to 220,000 barrels from the Sapakara and Krabdagu fields. These fields alone are believed to contain over 750 million barrels of recoverable reserves.

National Participation

Suriname’s state-owned oil company, Staatsolie, will participate in key offshore ventures, potentially acquiring up to 20% ownership. This investment opportunity will increase national earnings, technology transfer, and job creation. Oil revenues are projected to reach $700 million annually, significantly impacting national GDP and fiscal stability.

Exploration Upside

Additional exploration is ongoing in surrounding offshore blocks such as Block 52 and Block 53, with several global energy majors already involved. These initiatives could unlock further reserves, potentially doubling current estimates and placing Suriname among the leading new oil-producing countries.

Economic & Social Opportunity

Oil production is expected to contribute up to 10% of GDP, with plans to reinvest proceeds into sovereign wealth initiatives and direct citizen benefits. New infrastructure—including offshore platforms, pipelines, and port upgrades—will generate jobs and attract auxiliary industries to support oil operations.

Segmentation Analysis

By Product Type

  • Crude Oil – Primarily intended for export, with increasing domestic processing potential.

  • Refined Products – Gasoline, diesel, jet fuel, marine fuels, and lubricants for local consumption.

By End-Use Sector

  • Transport & Automotive

  • Industrial Manufacturing

  • Residential & Commercial Energy

  • Aviation & Maritime

The initial focus remains on crude extraction and export, but downstream applications are likely to grow as domestic infrastructure expands.

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Country-Level Analysis: Suriname

Suriname is transitioning from limited onshore oil production to becoming a significant offshore producer. Current production averages around 14,800 barrels per day, with local refining supporting domestic consumption. Staatsolie leads operations across the oil value chain, from exploration to refining and distribution.

The company’s annual revenues have surpassed $700 million in recent years, contributing heavily to the national budget. With new offshore output, government revenue is expected to triple by the end of the decade. This will enable greater investment in infrastructure, education, healthcare, and economic diversification.

Competitive & Partnership Landscape

  • Staatsolie plays a central role in the country’s oil strategy and is an equity participant in offshore blocks.

  • TotalEnergies and APA Corporation are the principal operators in Block 58, spearheading Suriname’s offshore transformation.

  • Other international partners include Chevron, Petronas, and QatarEnergy, who are exploring adjacent blocks.

These global partnerships provide Suriname with access to advanced technology, capital, and operational expertise, essential for deepwater production. The country’s collaborative regulatory environment and resource potential make it an attractive destination for long-term investment.

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Press Release Conclusion

Suriname is on the cusp of a historic shift in its economic and energy profile. The commercial development of its offshore oil reserves—particularly in Block 58—signals a new era of national prosperity and regional energy leadership.

With production expected to begin by 2028, output exceeding 200,000 barrels per day, and rising investor confidence, Suriname’s crude oil market holds immense potential for economic growth, revenue generation, and geopolitical relevance.

As the country strengthens its infrastructure and builds strategic global partnerships, stakeholders across the energy value chain are invited to engage in this dynamic, high-potential market.

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