Major Oil Discovery Puts Suriname in Global Spotlight Amid Venezuela Crisis and US-China Trade War | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Major Oil Discovery Puts Suriname in Global Spotlight Amid Venezuela Crisis and US-China Trade War

Although Guyana’s newly discovered oil reserves and US interests in the region have been the focus of attention, not many analysts have been noticing neighboring Suriname, one of Latin America’s poorest countries.

Guyana’s prospects have certainly changed tremendously – its economy was forecasted by the IMF to grow 85% percent this year. We should expect similar things in Suriname with the discovery of new oil fields offshore that are estimated to have 1.4 billion barrels, according to Rystad Energy. This has already attracted interest from foreign investors.

The wider Guyana-Suriname Basin is being described as the world’s number one offshore exploration. ExxonMobil has already discovered the equivalent of more than 8 billion barrels worth of oil in the region and has announced its 18th oil discovery in the Stabroek block in Guyana. Oil experts believe that what Exxon is doing in Guyana can be reproduced in Suriname.

Last month, after three discoveries, oil company Apache announced a fourth offshore well, all in Suriname’s Block 58. Recently, Shell bought a package of Kosmos Energy’s exploration assets, including a 33% stake in Suriname’s Block 42. Malaysian oil company Petronashas already spudded its first well in Suriname on October 12.

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