Suriname, the world's most forested country and a carbon-negative nation, is set to launch major offshore oil production in 2028 despite its environmental credentials. The project with TotalEnergies promises economic growth but raises questions about balancing fossil fuels with green development. Leaders aim to use oil revenues to fund sustainable initiatives while preserving the Amazon rainforest.
Suriname, covering over 90 percent of its land with Amazon rainforest, has long claimed carbon-negative status by absorbing more greenhouse gases than it emits. This changed with the discovery of vast offshore oil reserves, leading to a partnership with TotalEnergies for the GranMorgu project. Starting in 2028, the platform will pump nearly 250,000 barrels of crude daily, enough to supply Colorado's drivers, and generate billions in revenue, boosting the economy by over 50 percent in the first year.
The initiative stems from economic desperation. With average monthly earnings under $500 in 2024 and a 2020 debt default, Suriname restructured its finances using oil prospects. Staatsolie, the state oil company, negotiated favorable terms: a 6.25 percent royalty—twice Guyana's rate—a 36 percent corporate tax, and a 20 percent project stake, securing up to 70 percent of revenues overall.
President Chandrikapersad Santokhi, in June's Suriname Energy Summit remarks, called it 'a new chance for sustainable development,' insisting oil and carbon offsets align. Plans include funding ecotourism, climate-smart agriculture, flood defenses like mangrove barriers and storm drains, and shifting to solar and hydropower from imported fuels. Former Environment Minister Marciano Dasai emphasized diversification: 'We can say, “OK, let’s do the oil and gas … to get us out of debt and do the transformation to a green economy.”'
Yet challenges loom. The project will extract 750 million barrels, with burning emissions far exceeding local sequestration. A May 2025 election saw Jennifer Geerlings-Simons become the first female president, pausing citizen oil dividends to invest in sustainability. Critics like Gina Griffith of Conservation International highlight contradictions, urging diversification beyond extractives. Total commits to low-emission rigs, reinjecting gas to maintain carbon negativity domestically, while Suriname eyes carbon credit sales from its forests to offset global impacts.