What does Suriname have to offer? #LocalContentIt!

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Local Content Suriname

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

Gino Naarden about Local Content Development and Economic Diversification of Suriname 2024

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 led to significant oil discoveries. According to the assessment, the two oil fields alone, Sapakara South and Krabdagu, contain at least 750 million barrels of recoverable oil. [2]

According to investment bank Morgan Stanley’s modeling, there may be 6.5 billion barrels of oil-equivalent wells in Block 58, which could be developed in seven phases. [3]

Transition to exploitation

Final Investment Decision (FID)

On October 1, 2024, Patrick Pouyanné, CEO of TotalEnergies, announced the signing of the Final Investment Decision (FID) for the development of the “GranMorgu” project in Suriname’s offshore Block 58. [4]

Gran Morgu-project

A Floating Production Storage and Offloading (FPSO) vessel will produce 220,000 barrels of oil per day, with first oil expected in 2028. The total investment is $10.5 billion. [4]

Environmental focus

The project will minimize greenhouse gas emissions by using advanced technologies including an all-electric FPSO and methane detection systems, with an emission intensity below 16 kg CO2e/boe.

Economic impact for Suriname

Over $1 billion will be invested in Local Content, creating over 6,000 jobs. Suriname will serve as a logistics hub, with local companies involved in the project. Staatsolie will participate with a stake of up to 20% by 2025.

Sociale bijdragen

TotalEnergies and APA signed an agreement to support the renovation of two maternity and children’s hospitals in Paramaribo.

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 is currently spent annually on Local Content (As of 2021). [8]

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

What is Local Content?

Sustainable Development Goals

In 2015 heeft de Verenigde Naties de “Sustainable Development Goals” aangenomen als onderdeel van de Agenda 2030 voor Duurzame Ontwikkeling.

These goals are designed to address various social, economic, and environmental challenges faced by countries around the world.

5 of these goals are directly linked to the development of Local Content. They are:

  • Goal 8: Decent Work and Economic Growth
  • Goal 9: Industry, Innovation and Infrastructure
  • Goal 12: Responsible Consumption and Production
  • Goal 16: Peace, Justice and Strong Institutions
  • Goal 17: Strengthen the means of implementation and revitalize the global partnership for sustainable development.

Industrial projects

“Local Content” is a term used in the oil and gas industry to describe the promise of helping local people and businesses grow so they can support the emerging industry for 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!

Velen begrijpen niet wat local content inhoudt

Problem statement

  • How can small, local entrepreneurs successfully offer their services and goods to (international) companies active 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 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 in line with the United Nations Sustainable Development Goals.

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 »

“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!