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July 6, 2026

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Kevin Headley

Oil and Gas in Suriname: Who Really Benefits?

Without targeted policy, oil and gas development risks mainly benefiting a small group, while the wider society is left behind. Many people see the emergence of the oil and gas sector in Suriname as a ray of hope for the country. In this context, “local content” is considered the key way for Surinamese people to benefit from the opportunities in the sector.

However, local content involves much more than simply having local entrepreneurs provide goods and services. Otherwise, it will mainly be a small group that benefits: those who already have capital to invest or easy access to financing.

History

History shows that Suriname has earned significant revenues from natural resources such as bauxite in the past. The country has also generated income from timber, oil, and gold. Yet, it was consistently a small group that benefited, rather than society as a whole.

If oil and gas development is to be different this time, targeted policies are needed. Policies that take into account the various factors important to the wider population and protect their interests. As Staatsolie Director Annand Jagesar put it: “Good leadership will play a crucial role in this.”

Guyana

We do not have to look far. Guyana already shows what can happen since the start of oil production. The country is dealing with inflation, rising rental and housing prices, higher food costs, growing income inequality, and a market increasingly dominated by foreign companies.

The income of the average wage earner is insufficient to keep up with the prices of international companies that have entered the market. Only foreign workers with higher salaries are able to benefit from these opportunities. The result: not the entire country becomes better off, but only a relatively small group.

Labour

We already know that Suriname will not be able to meet the sector’s large demand for workers. To some extent, “local content” risks becoming nothing more than a slogan. There is insufficient expertise, meaning many workers will have to be recruited from abroad. But will this result in foreigners mainly occupying management positions, while Surinamese workers remain in subordinate roles?

The initiatives of Staatsolie and others are encouraging. In cooperation with existing educational institutions, training programs are being launched to develop skilled workers. However, these efforts must be expanded. More attention must also be given to training managers and supervisors, so that Surinamese professionals can take up these positions in the future. Waiting until the sector is fully operational and only then trying to catch up will be too late.

Certification

International companies often require certification. Many organizations are currently working on obtaining these certifications. But can small entrepreneurs afford this process? How do we ensure that small businesses are supported in meeting certification requirements so they can also qualify to supply goods and services?

There is little discussion about this issue, and that is concerning. In the end, only a select group may participate in what is called local content. The question is therefore: how can small businesses be supported?

Housing market

More and more houses are being offered for rent at extremely high prices in foreign currencies. Increasingly, landlords also require tenants to prove that they earn income in foreign currency. The focus appears to be clearly aimed at expatriates.

Although expatriates often look for specific housing requirements, such as villas with swimming pools rather than homes in ordinary neighbourhoods, it is concerning that Surinamese citizens with local salaries are being excluded. This worsens the housing problem and leaves a large group of people behind. Urgent policy measures are needed, although there are concerns that little will happen because strong financial interests are also involved.

Revenues

The government has spoken about a Savings and Stabilization Fund into which part of the oil revenues will be deposited. During the first masterclass on this fund in mid-June 2026, presenter Karl Eckhorst emphasized that issues such as management, transparency, and governance are essential to the quality of the fund.

“Passing legislation is only the first step,” Eckhorst told participants. “Equally important is strengthening the institutions responsible for implementing the Suriname Savings and Stabilization Fund Act, including the Ministry of Finance and Planning.”

Conclusion

Suriname still has a lot of work to do. Several initiatives have already been launched. But if the true goal is for a large part of society to benefit from oil and gas development, opportunities must also be created for people to receive training and gain access to well-paying jobs. In addition, there must be room for businesses to provide goods and services and obtain certification. Surinamese citizens must not be excluded in their own country.