Suriname president announces oil 'royalties for everyone'
The Peninsula
Paramaribo, Suriname: Suriname s president on Monday announced a program of Royalties for Everyone as the South American nation plans for a boon fro...
Paramaribo, Suriname: Suriname's president on Monday announced a program of "Royalties for Everyone" as the South American nation plans for a boon from recently discovered oil and gas reserves.
Suriname and neighbor Guyana, both former Dutch colonies, expect to rake in billions in the years to come from rich offshore crude deposits.
Experts have said Suriname -- a country of 600,000 people -- stands to make about $10 billion in the next 10 to 20 years.
Almost one in five Surinamese today live in poverty, according to World Bank figures. Annual GDP is about $3.4 billion
Last month, French group TotalEnergies announced a $10.5-billion project to utilise an oil field off Suriname's coast with a capacity of producing 220,000 barrels per day.
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