Sat Nov 30 12:32:55 UTC 2024: ## Suriname to Share Oil Wealth Directly with Citizens
**PARAMARIBO, SURINAME** – Suriname will distribute a significant portion of its newly discovered oil and gas revenues directly to its citizens, President Chan Santokhi announced. The initiative, dubbed “Royalties for Everyone” (RVI), will provide each Surinamese citizen with a US$750 savings note bearing a 7% annual interest. This unprecedented move follows the discovery of substantial oil reserves in the offshore Block 58, estimated to yield US$10 billion over the next 10-20 years.
The RVI program, set to begin payouts after oil production commences in 2028, marks a significant departure from traditional resource management strategies. President Santokhi acknowledged the “oil curse” that has plagued other resource-rich nations, citing Norway’s successful sovereign wealth fund as a model. Suriname is establishing a similar fund to mitigate economic volatility.
The Block 58 project, a joint venture between TotalEnergies and Apache Corporation, is projected to produce up to 220,000 barrels of crude oil daily. This follows earlier discoveries dating back to 2019. The move mirrors a similar initiative in neighboring Guyana, which is also distributing oil revenues directly to its citizens.
While Suriname’s poverty rate currently stands at 17.5%, significantly higher than the global average, the government hopes this initiative will substantially improve the lives of its citizens and alleviate poverty. The program will leverage the nation’s burgeoning oil wealth to improve infrastructure and fund social programs. This follows a recent announcement of a US$1.9 billion gas-to-energy project aimed at doubling the country’s energy output. The government is taking a proactive approach, learning from the experiences of other countries and aiming to avoid the pitfalls of resource-dependent economies.
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