With the discovery of oil and gas reserves off the coast of Suriname, it is expected that the exploitation thereof could mean a huge change for the country; for comparison, Guyana has a daily production from their offshore projects of over 600,000 barrels of crude oil per day, resulting in an 85% increase in GDP. Within 5 years, the daily production there should be built up to 750,000 barrels per day. Suriname can expect a similar development. However, as stated in the previous chapter, the focal points of development are set on creating value and employment. It is therefore important that Surinamese companies have a significant share in the supply chain of this oil and gas exploitation; without a targeted policy, the supply chain can be filled by foreign companies with minimal input from Suriname. This share is also called “local content”, the extent to which (Surinamese) companies and citizens participate in the economic activities that the offshore discoveries bring. This involves the supply of (locally produced) goods and services and the filling of job positions by Surinamese people.<\/p>\n\n
Local content policy should aim to be a prescription, but always in continuous dialogue with and input from international oil companies, which lays out a trajectory through education and training in business processes and technical areas to enable Surinamese companies to participate in the supply chain, thereby eventually allowing a certain portion of value creation to take place locally (e.g., 80%). “Surinamese companies” must be well defined in this context: the primary focus should be on companies that are locally established with Surinamese “Ultimate Beneficiary Owners” (UBOs). The policy should be anchored in a clear and unambiguous legal framework with a clear objective, with possible elaborations when it comes to specific provisions such as shipping, employment, policy evaluation, and revision, etc.<\/p>\n\n