A delegation from the African Energy Chamber (AEC) (https://EnergyChamber.org/), the voice of Africa’s energy sector, led by Executive Chairman NJ Ayuk, participated in the Suriname Awareness Symposium 2025 today. Hosted by Colibri Business Development, Sheriff Consultancy and Alite D’Fam Consultancy under the patronage of Suriname’s Ministry of Foreign Affairs, International Business and International Cooperation, the event brought together Surinamese stakeholders and global partners to explore opportunities within the country’s energy value chain.

During the opening remarks, H.E. Chandrikapersad Santokhi, President of the Republic of Suriname, emphasized the symposium’s role as a platform for meaningful dialogue and collaboration.

“We must ensure what is discussed turns to real life solutions on how can we ensure transparency, accountability and management of energy resources, how oil and gas revenue is invested in education, and how we can balance economic growth with environmental sustainability,” stated H.E Santokhi.

He highlighted the government’s development strategy, centered on four pillars: collaboration, economic diversification, a transformative mindset and dialogue.

Regarding energy diversification, President Santokhi outlined Suriname’s efforts to balance oil, gas and renewable energy sources while integrating investments from the private and public sectors and international partners.

H.E. Albert R. Ramdin, Minister of Foreign Affairs, International Business, and International Cooperation, echoed these sentiments, emphasizing that energy affordability directly impacts national prosperity. He highlighted the importance of diversifying the energy mix to ensure cost-effective energy solutions and drive industrialization.

“Out of the energy transition lies the empowerment of the Suriname people. Sustainability must be anchor in our development strategy,” he remarked.

Ayuk addressed the critical role of Suriname’s oil and gas potential in fostering sustainable development.

“Climate change and energy poverty are interconnected issues. Energy poverty is a human rights challenge, and achieving the United Nations’ Sustainable Development Goals is impossible without addressing it,” Ayuk said.

He urged Suriname to harness its oil and gas resources while diversifying with renewables to achieve industrialization and energy security. Ayuk cautioned against repeating Africa’s mistakes, where abundant resources coexist with widespread energy poverty.

“With oil and gas, Suriname will be able to power its fire plants and industrialize with fertilizers when the sun is not shining or wind not blowing and avoid reliance on foreign aid.”

Ayuk emphasized that Suriname has every right to develop its oil resources to improve the lives of its people. He highlighted Suriname's unique position as a carbon sink, with extensive aerial forestry, and commended the President for incentivizing TotalEnergies' production of 230,000 barrels of oil. According to Ayuk, this decision is a crucial step toward resource development, and enables the country to generate revenue to fund future exploration efforts.

He criticized the notion of larger oil-producing nations, which extract millions of barrels daily, discouraging Suriname from utilizing its modest production capacity of 230,000 barrels in the name of climate change. Ayuk stated that both Suriname and Africa must maximize their hydrocarbon resources to support development and economic growth.

He encouraged TotalEnergies, which has already committed $1.5 billion to local content development, to increase its investments further. Ayuk also expressed gratitude to the President of Suriname for fostering a conducive environment that has attracted significant oil and gas investments. Additionally, he called for greater female participation in the energy sector, emphasizing the need for a fair and inclusive energy transition.

Taking place from January 27 - 28 under the theme “The Dawn of a New Era” the symposium aims to attract investments across Suriname’s energy value chain. The country boasts an estimated 2.4 billion barrels of proven oil reserves and 12.5 trillion cubic feet of proven gas. Recent policy reforms, including 10-year tax incentives for development partners, and significant oil and gas discoveries between 2019 and 2022, have drawn major global interest.

Energy giant TotalEnergies announced a $10.5 billion Final Investment Decision for the GranMorgu project in Block 58 in October 2024. ExxonMobil and Malaysia’s Petronas signed a letter of agreement with the government for Block 52, while QatarEnergy partnered with Chevron to acquire a stake in Block 5 and maintains interests in Blocks 64 and 65.