Suriname’s state-owned oil company, Staatsolie, holds the sole right to exploit fossil fuels in Suriname. To increase capacity, Staatsolie has entered into production and exploration partnership agreements with foreign companies. Recent announcements of offshore oil and gas discoveries by French Total Eneregies with U.S. partner APA (Apache) confirm that exploitable gas and oil reserves exist. Total Energies announced it plans to make a $ 9 billion investment in Suriname with a Final Investment Decision expected by the end of 2024. Staatsolie continues to seek international partners in deep and shallow offshore blocks.  Staatsolie successfully closed its 2022-23 bidding round, receiving qualified bids for three of the six offered blocks. Staatsolie manages onshore production independently but looks for international partners. Companies interested in further information on the developments within the offshore petroleum sector can register on the supplier registration platform through this link: https://smesupplierportal.sr/#/home.
In 2020, Staatsolie established the Staatsolie Hydrocarbon Institute (SHI), a subsidiary in charge of product sharing and contract management and the development of policies, procedures, and guidelines. The SHI performs hydrocarbon resource assessments to determine the acreage strategy, negotiates with investors to explore and develop hydrocarbon deposits, and maintains a data management system. The SHI offers data packages to oil and gas companies to conduct independent evaluations to assess the geology and hydrocarbon potential of Suriname’s offshore blocks. More information is available at the site accessed by this link: https://www.staatsolie.com.
Suriname’s mining sector plays a significant role in the economy. The large-scale goldmining corporations are China’s ZiJin Rosebel Goldmines and U.S. multinational Newmont,. There are also numerous small-scale gold operations. Those interested in investing in small-scale gold mining should take care to ensure the operation of interest is legal, as there are many illegal, small-scale gold mining operations in Suriname.
Suriname’s Investment and Trade Agency (SITA) is the national Trade and Investment Promotion Agency. SITA act as the one- stop- shop for foreign Investors. Non-oil and gas industry investors should contact SITA.