President Chan Santokhi declared the oil investment a 'historic day for Suriname,' emphasizing that this initiative would significantly uplift the country’s future and standard of living.
TotalEnergies CEO Patrick Pouyanne outlined that the GranMorgu project targets an estimated 700 million barrels of oil, aiming for 220,000 barrels of daily production by mid-2028.
Staatsolie, the national oil company, will finance its 20% stake through bonds in 2025, starting with a $175 million initial payment for its participation.
The president highlighted the project's anticipated revenue to combat Suriname's poverty rate of 18%, stressing its potential impact on improving local living standards.
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