Suriname, South America’s smallest country, is preparing for an inflow of cash from a huge offshore oil find, with the president insisting the population will receive a direct share of the wealth.
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The Dutch-speaking nation of about 600,000 people expects to rake in about US$10 billion in the next decade or two, with crude extraction set to begin in 2028.
Projected output is 220,000 barrels per day (bpd) – up from about 5,000 to 6,000 – in a country where one in five people live in poverty.
“From 2028, we’ll be an oil-producing country,” President Chan Santokhi said ahead of elections on Sunday for lawmakers who will choose the next president.
He is one of several candidates in the running to steer the former Dutch colony wedged between Brazil, Guyana and French Guiana.
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“It will be a huge amount of income for the country,” Santokhi said. “We are now able … to do more for our people so that everyone can be part of the growth of the nation.”