Discover the new marketplace for Local Content in Suriname!

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Local Content Suriname

Ontdek, deel, en bloei in de opkomende economie van morgen!

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Listen to the introduction of the platform on the radio here!

Introduction

Exploration Phase

In recent years, several oil companies have invested about 1.3 billion USD in the search for oil off the coast of Suriname. [1]

These efforts have resulted in significant oil discoveries. According to the assessment, just in the two oil fields, Sapakara-Zuid and Krabdagu, there are at least 700 million barrels of recoverable oil.. [2]

Morgan Stanley, the American multinational investment bank and financial services company, says its modeling of Suriname’s Block 58 indicates that there are potentially 6.5 billion barrels of oil equivalent resources, which can be developed across seven phases. [3]

Transition to exploitation

TotalEnergies has announced plans to invest $9 billion to exploit these two fields. [4]

The Final Investment Decision from TotalEnergies and its partners is expected in Q4 of 2024. [5]

The first projected “Floating Production Storage and Offloading vessel” (FPSO) aims to achieve a production of 200,000 barrels per day, starting in 2028. [6]

Current expenditures on Local Content

In Guyana, expenditures on Local Content amounted to approximately 720 million dollars in 2023. [7]

In Suriname, more than 50 million dollars is currently spent annually on Local Content. [8]

With TotalEnergies’ announcement to invest in this project, Suriname is poised to earn between 16 and 26 billion dollars. [9]

Would you like to participate in this upcoming economic development?

What is Local Content?

Local Content is a term used in the oil and gas industry to describe the promise of helping local people and businesses grow so that they can support the emerging industry in the long term.

The term usually refers to the extent to which a company or industry in a particular country or region uses local resources, labor, products, or services in its operations. This can apply to various sectors, such as the oil and gas industry, mining, manufacturing, and so on.

When a large industry comes to a country, it’s important that this industry contributes to the local economy and communities. This can be achieved by hiring local labor, using local suppliers for supplies and materials, supporting local infrastructure, and investing in training and development of local skills.

Promoting Local Content can help create employment, build local capacity, and stimulate economic growth in the region where the industry operates. However, this can also bring challenges, such as finding qualified local labor and developing local supply chains that can meet the industry’s requirements.

Why is Local Content Development important?

The development of Local Content is of great importance for several reasons:

  • Economic growth
  • Job creation
  • Skills enhancement
  • Transfer
  • Community Development
  • Social stability
  • Environmental considerations
  • Government revenue
  • Economic growth
  • Job creation
  • Skills enhancement
  • Transfer
  • Community Development
  • Social stability
  • Environmental considerations
  • Government revenue

What is a Local Content Policy?

A Local Content Policy is a strategic approach used by governments to stimulate local economic development.

The policy focuses on maximizing the participation of local businesses and labor in major projects within sectors such as oil, gas, mining, and infrastructure.

Currently, it is unclear to almost everyone to what extent society will benefit from the eventual proceeds.

In this regard, we would like to remind the Surinamese government of its responsibility and encourage them to develop strong legislation that is in the interest of the Surinamese people.

We deserve good policy!

Problem statement

  • How can small, local entrepreneurs successfully offer their services and goods to international companies operating in Suriname?
  • How can oil and gas companies find and attract suitable employees and professionals in Suriname to support them in their operations?
  • How can we ensure that the technicians and managers from abroad can easily orient themselves and work efficiently when they come to develop this industry?

Solution

There must be a clear overview of everything Suriname has to offer.

LocalContentSuriname.com will become an extensive index where visitors can effortlessly discover local entrepreneurs, businesses, and their offered products and services.

The portal can be compared to a huge virtual shopping mall with countless units and studios. Everyone can create their own virtual exhiobition booth and present their business.

After a simple registration, ordinary citizens, start-up entrepreneurs, professionals, and businesses can showcase their skills, services, and products to potential customers.

What is the Local Content Development Office?

The Local Content Development Office Foundation is an overarching platform for everything related to the promotion and implementation of local engagement and business opportunities within the upcoming economic boom in Suriname.

Mission

The mission of this socio-economic initiative is to strive for sustainable development for all layers of society.

Vision

The LCDO Foundation aims to be an indispensable catalyst for the development of Local Content, fully aligned with the Sustainable Development Goals of the United Nations.

How does this platform work?

The content of this portal is mainly created by users.

Interested entrepreneurs can create a profile for free, similar to Facebook or LinkedIn.

Alternatively, one can create pages to present a company or organization, just like on other social media platforms. On these pages, all types of companies and organizations can post and present their showcases, products, services, workshops, and events on the marketplace.

What are the benefits of a registration?

  • Increase your visibility: Present your company to a wide audience! Your profile and pages act like a digital business card where you can display all your products, services, showcases, and more.
  • Optimize online findability: Increase your chances of attracting new customers who are actively searching for what you offer.
  • Effective Marketing: Through this marketing channel, you can promote your brand, increase your brand awareness, and reach a wider audience.
  • International Reach: Increase your market potential and reach potential customers anywhere in the world.
  • Convenience for customers: Interested customers can effortlessly find detailed information about your business and your products, services, and more.
  • Flexibility in offer and strategies: Quickly adapt your offerings and strategies to market trends and customer needs. Stay flexible and anticipate changes in the market.
  • Boost your search rankings: Improve your enterprise’s search engine optimization (SEO) and rank higher in search results.

How does the registration procedure work?

The registration process involves several steps

After verifying your email address, you will have full access to all the features of the portal.

Afterwards, you can publish, view, and further customize your profile or page.

You can now add products, services, showcases, initiatives, events, and workshops to your profile or pages. You also now have the opportunity to create additional pages for your companies, foundations, associations, or other organizations.

All these pages can in turn be filled with the aforementioned content, such as products and services.

Register now!

Sign up ยป

“Citizens should be able to participate in the development of their country in a profitable way.”

Mia Amor Mottley, Prime Minister of Barbados

Mia Amor Mottley, Prime Minister of Barbados

Local Content Suriname - Discover the new marketplace for Local Content in Suriname! Create an account now and present your company, services or products!